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EMC Corp. (EMC) Misses Q3 EPS by 2c; Updates FY14 Outlook

October 22, 2014 6:54 AM EDT

EMC Corp. (NYSE: EMC) reported Q3 EPS of $0.44, $0.02 worse than the analyst estimate of $0.46. Revenue for the quarter came in at $6 billion versus the consensus estimate of $6.01 billion.

Joe Tucci, EMC Chairman and Chief Executive Officer, said, “EMC’s continued momentum is evidence that our strategy and execution are working. Our strategically aligned businesses - EMC Information Infrastructure, VMware, Pivotal and RSA - are well positioned to capitalize on the massive IT market opportunity in front of us. From my conversations with customers, it’s clear that we have the right best-of-breed technologies in cloud, mobile, Big Data and security, and offer a level of choice and flexibility second-to-none. We are extremely well positioned to help customers maximize their existing IT platforms and build a 3rd IT platform to redefine their businesses with a whole generation of new applications.”

David Goulden, CEO of EMC Information Infrastructure, said, “EMC’s solid third-quarter performance was in line with our expectations, as customers continue to seek strong and well-equipped partners to help them achieve their new IT goals. EMC is growing faster than many of our peers because we continue to make the right strategic investments - assembling a leading portfolio of technology assets over several years - that enable customers to use cloud, mobile, Big Data and security technologies to create competitive advantage.”

Zane Rowe, EMC CFO, added, “These results demonstrate the soundness of EMC’s strategy, a formula combining industry-leading assets, talent, and a uniquely flexible business model that puts customer choice first. Following my first three weeks at EMC I can say, without hesitation, that I am excited to be part of a company that is central to this future-defining industry transformation, and look forward to being part of the team helping EMC create value for shareholders, customers and employees.”

EMC Corp. sees FY2014 EPS of $1.90, versus the consensus of $1.9. EMC Corp. sees FY2014 revenue of $24.5 billion, versus the consensus of $24.54 billion.

For earnings history and earnings-related data on EMC Corp. (EMC) click here.



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