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EMC (EMC) Guides Earnings Below View, 4Q Tops Estimates

 January 29, 2013 07:55 AM
 


(By Balachander) EMC Corp. (NYSE: EMC) guided earnings for the full year below market expectations and shares of the provider of enterprise storage systems retreated 3.45 percent in premarket trading on Tuesday. The company, meanwhile, reported better-than-expected results for the fourth quarter.

Non-GAAP earnings per share (EPS) for the fourth quarter increased 10 percent to 54 cents, and topped market expectations of 52 cents.

GAAP earnings attributable to EMC grew 12 percent to $1.2 billion. 

Revenue rose 8 percent to $6.00 billion, versus Wall Street projections of a growth of 7.20 percent.

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The Hopkinton, Massachusetts-based company said its networked storage platforms portfolio rose 6 percent. Revenue at the company's high-end Symmetrix storage product portfolio also increased 6 percent. EMC's revenue from portfolio of mid-tier storage products gained 5 percent.

Looking ahead for the full year, the company expects non-GAAP EPS to be $1.85 on revenue of $23.5 billion. Analysts expect EPS of $1.90 on revenue of $23.57 billion.

VMware Inc. (NYSE: VMW), a publicly traded division of EMC, on Monday issued revenue guidance that trailed market expectations and shares of the provider of virtualization-based cloud infrastructure services tumbled 16.09 percent in premarket trading on Tuesday.

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EMC stock, which has been trading in the 52-week range of $22.77 to $30.00, ended at $25.20 on Monday.

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