CIMdata PLM Industry Summary Online Archive
24 July 2013
Financial News
EMC Reports Second-Quarter 2013 Financial Results
HIGHLIGHTS:
- Record second-quarter consolidated revenue, net income and EPS
- Year-over-year revenue growth across EMC's three federated businesses – EMC Information Infrastructure, VMware and Pivotal
- Year-over-year revenue growth across U.S. and major global geographies, with strong revenue growth from BRIC+13 markets
- EMC reaffirms full-year 2013 business outlook for consolidated revenue, non-GAAP EPS and free cash flow
EMC Corporation today reported quarterly financial results that were highlighted by record second-quarter consolidated revenue, net income and EPS. The company achieved year-over-year revenue growth across all three of its federated businesses, with continued steady growth from EMC Information Infrastructure, double-digit growth from Pivotal and accelerating double-digit growth from VMware.
Second-quarter consolidated revenue was $5.6 billion, an increase of 6% compared with the year-ago quarter. Second-quarter GAAP net income attributable to EMC was $701 million. Second-quarter GAAP earnings per weighted average diluted share increased 10% year over year to $0.32. Non-GAAP1 net income attributable to EMC was $907 million. Non-GAAP1 earnings per weighted average diluted share were $0.42, an increase of 8% year over year.
EMC generated year-to-date operating cash flow of $2.9 billion and free cash flow2 of $2.3 billion, and ended the second quarter with $17.6 billion in cash and investments.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “The strength and demand we saw during the quarter, despite a cautious IT spending environment, speaks to the soundness of our strategy, the value customers see in our federated business model, and the massive opportunity ahead in cloud computing, Big Data and trusted IT. EMC Information Infrastructure, VMware and Pivotal are positioned on the leading edge of these significant trends. Each business is focused on building its own unique technologies and independent partner ecosystems to offer customers greater choice. Collectively they add up to a very competitive technology stack that not only addresses our customers' top IT needs in 2013, but also their longer-term business transformation priorities.”
David Goulden, EMC President and Chief Operating Officer, said, “Our second-quarter results are further evidence that our business strategy is on target and that we continue to deliver our ‘triple play'– to gain market share, reinvest for the future and deliver leverage. With another solid quarter behind us, we are reaffirming our full-year revenue, non-GAAP EPS and free cash flow goals. EMC's robust product roadmap, combined with the success we are seeing across our cloud, Big Data and trusted IT initiatives, and the continued interest from customers in our market-leading technology, have us very energized and highly focused on seizing the opportunities that lie ahead.”
To view an unabridged version of this press release, visit: http://www.emc.com/about/news/press/2013/20130724-earnings.htm
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