VMware (VMW) Tops Q4 EPS by 1c; Approves $1B Buyback Plan
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VMware (NYSE: VMW) reported Q4 EPS of $1.08, $0.01 better than the analyst estimate of $1.07. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.69 billion.
VMware also announced that its Board of Directors has authorized the purchase of up to $1 billion of its Class A common stock through the end of 2017. Stock will be purchased from time to time, in the open market or through private transactions, subject to market conditions. VMware now expects the stock repurchase program to more than offset dilution from its equity compensation programs in 2015. The new stock repurchase authorization is in addition to VMware's ongoing $1 billion stock repurchase program, originally announced August 6, 2014.
"Customers continue to partner with VMware because we offer a new model for IT designed to rapidly and automatically deliver any app, anywhere, without sacrificing the need for security, availability and compliance," said Pat Gelsinger, chief executive officer, VMware. "In 2014, we surpassed the 6 billion dollar revenue mark for the first time, and in 2015 we're looking forward to providing our customers with extraordinary value through the strongest portfolio of products, services and solutions in our history."
"We are very pleased with our Q4 revenue growth of 16% on a constant currency basis and with our 2014 results, which met or exceeded our revenue and operating margin guidance for the quarter and the year," said Jonathan Chadwick, chief finance officer and chief operating officer, VMware. "Our portfolio of new disruptive products and services is experiencing significant customer momentum and driving strong growth into 2015. We are pleased to announce an additional $1 billion stock buyback, which reflects the opportunity we see ahead for VMware."
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