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EMC post USD5.5bn quarterly revenue

Wednesday, April 23 14:47:19

Global tech group EMC, which employs over 3,000 people in Ireland, today reported first-quarter 2014 revenue of $5.5 billion.

The US technology giant, whose Centre of Excellence is based in Cork, reported first-quarter revenue growth of 2pc over the same period in 2013.

First-quarter GAAP net income attributable to EMC was $392 million and first-quarter GAAP earnings per weighted average diluted share was $0.19. First-quarter non-GAAP net income attributable to EMC was $728 million and first-quarter non-GAAP earnings per weighted average diluted share was $0.35.

During the first quarter, EMC exceeded its first-quarter revenue outlook by more than $80 million; met outlook for GAAP earnings per weighted average diluted share and exceeded outlook for non-GAAP earnings per weighted average diluted share by $0.01; generated $1.3 billion in operating cash flow and $946 million in free cash flow; and ended the first quarter with $15.3 billion in cash and investments.

In addition, EMC's Board of Directors approved a 15pc increase in the quarterly cash dividend paid to EMC shareholders. The first increased dividend of $0.115 per share of common stock will be paid on July 23, 2014 to shareholders of record as of the close of business on July 1, 2014.

Bob Savage, Vice President and Managing Director of EMC's Centre of Excellence (CoE) in Cork, said Ireland was a "strategic part of EMC's global operation".

"The innovative business our Irish workforce has helped to build is at the centre of the major developments in global IT - cloud, big data and IT security. Here in Ireland, more than 3,000 highly skilled people are working across 28 business units including engineering, advanced manufacturing, finance, research and development, customers service and sales serving the worldwide market. Through our extensive range of big data and cloud solutions, EMC is consolidating our presence as one of the country's largest employers and an enabler for economic recovery through new technologies," Mr Savage said.