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Earnings Releases

EMC Corporation (NYSE:EMC) today reported fourth-quarter and full-year 2015 financial results.

Fourth-quarter consolidated revenue was $7 billion, flat year over year (up 3% on a constant currency basis2). GAAP net income attributable to EMC was $771 million in the fourth quarter, and GAAP earnings per weighted average diluted share was $0.39 in the fourth quarter. Non-GAAP1 net income attributable to EMC was $1.3 billion in the fourth quarter, and non-GAAP1 earnings per weighted average diluted share in the fourth quarter was $0.65.

Full-year 2015 GAAP and non-GAAP3 revenue was $24.7 billion and $24.8 billion, respectively, up 1% year over year (up 5% on a constant currency basis2. GAAP net income attributable to EMC for 2015 was $2 billion, and GAAP earnings per weighted average diluted share was $1.01. Non-GAAP3 net income attributable to EMC for 2015 was $3.6 billion, and non-GAAP3 earnings per weighted average diluted share for 2015 was $1.82.

Fourth-Quarter 2015 Summary:

  • Full-year GAAP and non-GAAP revenue each up 1% year over year (up 5% on a constant currency basis); Full-year GAAP and non-GAAP EPS of $1.01 and $1.82, respectively
  • Q4 revenue was flat year over year (up 3% on a constant currency basis); Q4 GAAP and non-GAAP EPS of $0.39 and $0.65, respectively


1 Items excluded from the non-GAAP results for the fourth quarters of 2015 and 2014 are amounts relating to stock-based compensation expense, intangible asset amortization, restructuring charges, acquisition and other related charges, the reversal of the benefit of the R&D tax credit included in the first three quarters of 2015, a gain on previously held interests in strategic investments and joint venture, special tax items and merger-related costs. See attached schedules for GAAP to non-GAAP reconciliations.

2 This release refers to growth rates at constant currency or adjusting for currency so that business results can be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of EMC's business performance. To present this information, current period results for entities reporting in currencies other than US dollars are converted into US dollars at the exchange rate applied in each month of the prior year quarter. Constant currency includes the impacts from EMC's hedging program.

3 Items excluded from the non-GAAP results for the full years 2015 and 2014 are amounts relating to stock-based compensation expense, intangible asset amortization, restructuring charges, acquisition and other related charges, a gain on previously held interests in strategic investments and joint venture, an impairment of strategic investment, a fair value adjustment on assets held for sale, VMware litigation and other contingencies, VMware GSA settlement, special tax items and merger-related costs. See attached schedules for GAAP to non-GAAP reconciliations.