EMC reports US$606mn in Q3 net profits

Wednesday, October 19, 2011

US storage solutions supplier EMC's (NYSE: EMC) third quarter net profits of US$606mn were up 28.1% year-over-year, according to results released by the company.

EMC posted consolidated revenue of US$4.98bn during 3Q11, representing 18.2% growth compared to 3Q10. Revenue from Latin America increased 8% year-over-year.

Revenues for business operations outside of the US grew 20% to US$2.3bn, representing 46% of the company's consolidated Q3 revenue.

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During the quarter, the company's high-end storage product portfolio, Symmetrix, saw revenues increase 7% year-over-year, while its mid-tier storage products grew 28%.

Without providing hard figures, EMC said revenue for California-based virtualization software firm VMware (NYSE: VMW) - in which EMC owns a majority stake - grew 32% during the quarter.

Consolidated revenues are expected to exceed US$19.8bn for full 2011, and consolidated net income is seen surpassing US$2.4bn. Net income attributable to the non-controlling interest in VMware is forecast at US$143mn.

EMC also expects to repurchase US$2bn of the company's common stock this year.

Use this link to view the full results.