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EMC Corporation (NYSE:EMC) today reported fourth-quarter and full-year 2013 financial results.

Fourth-quarter revenue was $6.7 billion, an increase of 11% compared with the year-ago quarter. Fourth-quarter GAAP net income attributable to EMC increased 17% year over year to $1.0 billion. Fourth-quarter GAAP earnings per weighted average diluted share increased 23% year over year to $0.48. Non-GAAP1 net income attributable to EMC was $1.3 billion, an increase of 7% compared with the year-ago quarter. Fourth-quarter non-GAAP1 earnings per weighted average diluted share were $0.60, an increase of 11% year over year.

Full-year 2013 revenue was $23.2 billion, an increase of 7% year over year. This result was highlighted by 5% year-over-year revenue growth for EMC's Information Infrastructure business, and 15% year-over-year revenue growth each for VMware and Pivotal. GAAP net income attributable to EMC for 2013 increased 6% year over year to $2.9 billion, and GAAP earnings per weighted average diluted share were $1.33, up 8% year over year. Non-GAAP2 net income attributable to EMC for 2013 was $3.9 billion, an increase of 4% year over year, and non-GAAP2 earnings per weighted average diluted share were $1.80, an increase of 6% year over year.

Highlights:

  • Q4 revenue growth up 11% year over year
  • Q4 GAAP EPS and non-GAAP EPS growth up 23% and 11% year over year, respectively
  • Double-digit year-over-year revenue growth across U.S., EMEA and Latin America, with strong revenue growth from BRIC+13 markets
  • Q4 revenue from the Emerging Storage business up 73% year over year
  • Strong year-over-year increase in operating and free cash flow


1Items excluded from the non-GAAP results for the fourth quarters of 2013 and 2012 are amounts relating to stock-based compensation expense, intangible asset amortization, restructuring and acquisition-related charges, the amortization of VMware's capitalized software from prior periods and special tax items. The benefit of the U.S. research and development (“R&D”) tax credit for 2012 is included in the non-GAAP results for the fourth quarter 2012. See attached schedules for GAAP to non-GAAP reconciliations.

2Items excluded from the non-GAAP results for the full years 2013 and 2012 are amounts relating to stock-based compensation expense, intangible asset amortization, restructuring and acquisition - related charges, the amortization of VMware's capitalized software from prior periods, a net gain on the disposition of certain lines of business and other, an RSA special charge (release), a loss on interest rate swaps, a gain on strategic investment and special tax items. The benefit of the R&D tax credit for 2012 is included in the non-GAAP results for the full year 2012 and excluded in the non-GAAP results for the full year 2013. See attached schedules for GAAP to non-GAAP reconciliations.


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