January 29, 2013

EMC Posts Record Year, Q4

Hopkinton-based IT storage giant EMC Corp. reported a record year and fourth quarter for 2012, the company announced today.

For the full year, revenue was up 9 percent over 2011, to $21.7 billion. Meanwhile, net income rose 11 percent to $2.7 billion and earnings per share 12 percent to $1.23.

The company generated an operating cash flow of $6.3 billion for the year and free cash flow of $5 billion, increases of 10 and 14 percent, respectively. EMC said it ended 2012 with $11.4 billion in cash and investments.

The fourth quarter, which ended Dec. 31, was just as strong as the year overall, notching an 8-percent year-over-year increase in revenue to $6 billion. The company's profits for the quarter were $870 million, up 5 percent from the previous year. Meanwhile, earnings per share rose 3 percent, to 39 cents.

EMC said revenue from its networked storage platforms portfolio, which includes the company's high-end and mid-tier storage platform products, as well as its high-end storage product Symmetrix, grew 6 percent, year over year, contributing to the strong quarter.

Joe Tucci, EMC's chairman and CEO, said, "EMC achieved its first $6 billion quarter for revenue, capping off a record-breaking 2012 … EMC remains squarely at the center of the most disruptive and opportunity-rich shift in IT history, propelled by the benefits of cloud computing, 'big data' and trusted IT. These high-priority IT spending areas are core to our strategic focus and represent market segments where EMC has established leadership positions and competitive advantage."

EMC's president and COO, David Goulden, elaborated on that strategy in the company's statement, saying the company delivered its "triple play" in 2012, "simultaneously taking market share, reinvesting for growth and delivering improved earnings."

Looking ahead for 2013, EMC said it expects consolidated revenue of about $23.5 billion, with net income of $3 billion and earnings per share of $1.35. EMC also said it expects to repurchase $1 billion in common stock in 2013.

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