EMC Posts 2007 Results

Q4 revenue of $3.83B, up 19%; GAAP EPS of $0.24, up 33%; operating cash flow of $979M, up 50%; full-year 2007 revenue of $13.23B, up 19%

January 30, 2008

2 Min Read
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HOPKINTON, Mass. -- EMC Corporation (NYSE: EMC - News), the world leader in information infrastructure solutions, today announced all-time record fourth-quarter and full-year revenue and strong year-over-year growth in profit, earnings per share and operating cash flow. EMC's 18th consecutive quarter of double-digit year-over-year revenue growth was highlighted by balanced, double-digit revenue growth across the company's Information Storage, Content Management & Archiving, RSA Information Security, and VMware Virtual Infrastructure business lines and its four major geographies.

Total consolidated revenue for the fourth quarter of 2007 was a record $3.83 billion, an increase of 19% over 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% 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% compared with the same period a year ago and free cash flow of $712 million, an increase of 78% year-over-year. Total consolidated revenue for EMC's full 2007 fiscal year was a record $13.23 billion, 19% 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% 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."

Commenting further, Tucci said, "Looking forward, EMC has never been better positioned to continue to grow and gain market share. We have the best product line-up in our history with a very favorable product cycle, and our proven go-to-market model is firmly in place. EMC is well positioned in the areas where IT spending will grow the fastest this year. Finally, our focus on innovation and R&D is enabling us to tackle emerging customer priorities such as Web 2.0, virtualization, compliance and new online methods for purchasing and consuming software."

EMC Corp.

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