HOPKINTON, Mass. -- EMC Corporation (NYSE: EMC - News), the world leader in information infrastructure solutions, today announced record third-quarter revenue and net income. EMC has now delivered seventeen consecutive quarters of double-digit revenue growth marked by strong, balanced execution across all its business lines and major geographies.
Total consolidated revenue for the third quarter of 2007 was $3.3 billion, an increase of 17% over the $2.8 billion reported for the third quarter of 2006. GAAP net income for the third quarter of 2007 was $492.9 million or $0.23 per diluted share, 77% higher than the GAAP earnings per diluted share of $0.13 reported for the year-ago period. GAAP net income for the third quarter of 2007 includes net gains of $115.2 million, primarily from the sale of six million shares of EMC's interest in VMware to Cisco Systems. Excluding this item, net income was $377.8 million or $0.17 per diluted share, an increase of 31% year-over-year. During the quarter, EMC generated operating cash flow of $718 million, an increase of 57% compared with the same period a year ago and free cash flow of $475 million, an increase of 124% year-over- year.
"Solid global execution of our strategy resulted in record third-quarter financial results," said Joe Tucci, EMC Chairman, President and Chief Executive Officer. "Customers around the world are benefiting from the breadth and quality of our information infrastructure product and services portfolio, which provides them with the most cost-effective way to store, protect, optimize, and leverage their vast and growing quantities of strategic information. We see broad opportunities in the global marketplace, and we will continue to drive profitable growth by furthering technology integration across our portfolio, investing in research and development, and expanding into the fastest-growing global markets."