EMC Corporation (NYSE:EMC) today reported first-quarter 2013 financial results that were highlighted by first-quarter records for consolidated revenue, non-GAAP net income, non-GAAP EPS and operating and free cash flow.
First-quarter revenue was $5.39 billion, an increase of 6% compared with the year-ago quarter. First-quarter GAAP net income attributable to EMC was $580 million and first-quarter GAAP earnings per weighted average diluted share were $0.26. Non-GAAP1 net income attributable to EMC was $850 million, an increase of 4% compared with the year-ago quarter. Non-GAAP1 earnings per weighted average diluted share were $0.39, an increase of 5% year over year.
During the first quarter, EMC increased operating cash flow and free cash flow2 on a year-over-year basis to $1.71 billion and $1.44 billion, respectively. First-quarter GAAP and non-GAAP gross margins grew on a year-over-year basis, and the company ended the quarter with $12 billion in cash and investments.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC’s solid first-quarter financial results speak to the strength of our execution and the soundness of our strategy that offers customers greater efficiency, control, choice and agility. Our three federated businesses – EMC Information Infrastructure, VMware and Pivotal – are squarely focused on areas of IT that are expected to experience high growth over the next decade: cloud computing, Big Data and trusted IT. Each business is chartered to build its own technology and partner ecosystem necessary to succeed, while staying aligned to leverage one another’s strengths and to create value for our customers and shareholders. I am incredibly energized by the strength of our business model and the way we have positioned the company to lead this transformative era in information technology.”
David Goulden, EMC President and Chief Operating Officer, said, “EMC’s focus on cloud computing, Big Data and trusted IT helped drive solid revenue, non-GAAP net income and non-GAAP EPS growth in the first quarter. We believe EMC is extremely well-positioned to grow faster than the IT marketplace, produce leverage in the business and continue to innovate and evolve to capitalize on the opportunities ahead. Our first-quarter results are consistent with the full-year revenue and non-GAAP EPS outlook we provided in January, which remains unchanged. With continued steady execution, we expect that EMC will achieve our previously stated longer-term potential of more than $30 billion in revenue in 2016 with non-GAAP EPS growth outpacing revenue growth during this timeframe.”
Record first-quarter revenue, non-GAAP net income, non-GAAP EPS, operating cash flow and free cash flow
Year-over-year revenue growth across U.S. and major global geographies, with solid revenue growth from BRIC+13 markets
EMC reaffirms full-year 2013 business outlook for consolidated revenue and non-GAAP EPS