EMC quarterly profits up 61 per cent

Data storage firm EMC, which employs 1,900 people across the island of Ireland, today reported fourth-quarter revenues up 19 per cent compared with the same quarter a year earlier.

The company achieved all-time record consolidated revenue, net income and free cash flow during the quarter and said it expected to perform well in 2011.

EMC said fourth-quarter revenue rose to $4.9 billion, while net profit increased 61 per cent to $629 million, or 29 cents per share, from $391 million, or 19 cents per share, a year earlier.

During the quarter EMC generated quarterly operating cash flow and free cash flow of $1.5 billion and $1.2 billion, which grew 50 per cent and 54 per cent year-over-year, respectively.

The firm had $9.5 billion in cash and investments at the end of the three-month period under review.

Fourth-quarter revenue from the US rose 20 per cent over the year to $2.6 billion, representing 53 per cent of overall revenue.

Revenue from EMC's business operations outside of the US reached $2.3 billion, an increase of 19 per cent year over year.

Consolidated revenue for fiscal 2010 was $17 billion, an increase of 21 per cent compared to the preceding 12 months.

"In 2010 we executed our triple play impressively – simultaneously taking market share, reinvesting meaningfully in our business and delivering improved profitability. Tremendous progress on all of these objectives throughout the year puts EMC in its best financial and operational shape ever," said vice president and chief financial officer David Goulden.

The company forecast revenue of $19.6 billion and earnings of $1.46 per share excluding items for 2011.

"We are in great position to continue to deliver our triple play results in 2011; continue to achieve solid double-digit revenue and profit growth, expand operating margins and grow free cash flow for the year; and further strengthen EMC's strategic position for the long term," Mr Goulden added.

EMC, which has been based in Ireland since 1988, is one of the country's largest employers. It currently employs over 1,900 staff at facilities in Dublin, Cork and Belfast.