EMC Corporation today reported first-quarter 2014 financial results. First-quarter revenue was $5.5 billion, an increase of 2% compared with the year-ago quarter. First-quarter GAAP net income attributable to EMC was $392 million and first-quarter GAAP earnings per weighted average diluted share was $0.19. First-quarter non-GAAP2 net income attributable to EMC was $728 million and first-quarter non-GAAP2 earnings per weighted average diluted share was $0.35.
During the first quarter, EMC exceeded its first-quarter revenue outlook by more than $80 million; met outlook for GAAP earnings per weighted average diluted share and exceeded outlook1 for non-GAAP earnings per weighted average diluted share by $0.01; generated $1.3 billion in operating cash flow and $946 million in free cash flow3 ; and ended the first quarter with $15.3 billion in cash and investments.
In addition, EMC's Board of Directors approved a 15% increase in the quarterly cash dividend paid to EMC shareholders. The first increased dividend of $0.115 per share of common stock will be paid on July 23, 2014 to shareholders of record as of the close of business on July 1, 2014.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “In a time of shifting market dynamics, EMC continued to generate revenue growth through our EMC Federation strategy across EMC Information Infrastructure, VMware and Pivotal. Customers are embracing these foundational and transformative technologies as core to their ability not only to maximize their existing infrastructures for many years to come, but to redefine their businesses as they seek new ways to generate growth and customer value. EMC is extremely well equipped to help our customers flourish in this next wave of computing, or what many call the Third Platform of IT.”
David Goulden, CEO of EMC Information Infrastructure and EMC's Chief Financial Officer, said, “EMC is at the threshold of expansive opportunity. While planned business practice changes had a negative impact on year-over-year revenue and EPS growth in the quarter, we are very confident we are on the right track with our Federation model and technologies. With our strong foothold in Second Platform environments and some of the most exciting IT assets in the industry helping us propel customers to the Third Platform of IT, EMC is well positioned to meet our stated 2014 targets.”
To view an unabridged version of this press release, visit: http://www.emc.com/about/news/press/2014/20140423-earnings.htm
