EMC posts record financial results

EMC, a major supplier of storage, data protection, and security products, has released its third fiscal quarter results for 2010, reporting an increase in revenue of 20 percent.

EMC reeled in $4.21 billion in its fiscal third quarter, a 20 percent increase on the same period last year. It also posted a GAAP net income of $472.5 million, a 58 percent increase year on year.

Non-GAAP income was also up 35 percent to $649 million, while non-GAAP earning per diluted share were up 30 percent on last year to $0.30.

EMC also posted a record year-to-date operating cash flow of $3 billion, a 31 percent increase on last year, and free cash flow of $2.2 billion, a 22 percent increase on 2009.

The success EMC is seeing this year is due to an overall recovery in the market, which is prompting increased sales, combined with continued cost-cutting measures the company has put in place since 2008.

EMC posted a forecast for the rest of the year, expecting consolidated revenues of $16.9 billion, a diluted consolidated GAAP earning per share of $0.91 and a consolidated non-GAAP diluted earning per share of $1.25. The company also plans to repurchase $1 billion of company stock before the end of the year.