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Follow UsHOPKINTON, Mass., USA: Information infrastructure solutions provider EMC Corp. today announced a total consolidated revenue of $3.83 billion for the fourth quarter of 2007, up 19 per cent from the $3.21 billion reported for the fourth quarter of 2006.
GAAP net income for the fourth quarter of 2007 was $525.7 million or $0.24 per diluted share, 33 per cent higher than the GAAP $0.18 earnings per diluted share reported for the year-ago period.
During the quarter, EMC generated operating cash flow of $979 million, an increase of 50 per cent compared with the same period a year ago and free cash flow of $712 million, an increase of 78 per cent year-over-year.
Total consolidated revenue for EMC’s full 2007 fiscal year was $13.23 billion, 19 per cent higher than the $11.16 billion reported for the full 2006 fiscal year.
GAAP net income for 2007 was $1.67 billion or $0.77 per diluted share, 43 per cent higher than the GAAP earnings per diluted share of $0.54 reported for 2006.
Joe Tucci, EMC chairman, president and chief executive officer, said, “2007 was truly a breakout year for EMC. We exceeded all of the aggressive financial targets we set out to achieve at the beginning of the year. The highly successful partial IPO of VMware clearly met its key goals. And we further organized around our ‘One EMC’ initiative to interlock and drive more technology and product integrations across our Information Storage, Content Management and Archiving, and RSA Information Security business units, making it much easier for our customers and partners to do business with EMC.”
Business outlook
EMC expects its consolidated revenues to grow 13 per cent to $15 billion in 2008. The firm’s Information Infrastructure’s contribution to diluted earnings per share is expected to be $0.68.
The storage firm said its consolidated non-GAAP diluted earnings per share are expected to grow 14 per cent to $1.04 in 2008.
Non-GAAP diluted earnings per share exclude the impact of stock-based compensation and intangible asset amortization.