Q4 revenue growth accelerates to 8% year over year
Full-year revenue growth of 9% year over year
Record Q4 and full-year net income and EPS
Record full-year operating cash flow of $6.3 billion and free cash flow of $5.0 billion
EMC Corporation (NYSE:EMC) today reported record financial results for both the fourth quarter and full year 2012. For the fourth quarter, the company achieved record quarterly consolidated revenue, net income and EPS on a GAAP and non-GAAP basis. Full-year 2012 results were highlighted by record revenue, net income, EPS, operating cash flow and free cash flow. The results were also highlighted by record quarterly and full-year gross margins on a GAAP and non-GAAP basis.
Fourth-quarter revenue was $6.0 billion, an increase of 8% compared with the year-ago quarter. Fourth-quarter GAAP net income attributable to EMC increased 5% year over year to $870 million. Fourth-quarter GAAP earnings per weighted average diluted share increased 3% year over year to $0.39. Non-GAAP1net income attributable to EMC for the fourth quarter was $1.2 billion, an increase of 12% compared with the year-ago quarter. Fourth-quarter non-GAAP1earnings per weighted average diluted share were $0.54, an increase of 10% year over year.
Full-year 2012 revenue was $21.7 billion, an increase of 9% year over year. GAAP net income attributable to EMC for 2012 increased 11% year over year to $2.7 billion, and GAAP earnings per weighted average diluted share were $1.23, up 12% year over year. Non-GAAP2net income attributable to EMC for 2012 was $3.8 billion, an increase of 11% year over year, and non-GAAP2earnings per weighted average diluted share were $1.70, an increase of 13% year over year. The company's fourth-quarter and full-year non-GAAP results include the tax benefit related to the U.S. research and development tax credit for 2012.3
For 2012, EMC generated operating cash flow of $6.3 billion and free cash flow4of $5.0 billion, increases of 10% and 14% year over year, respectively. For the quarter and full-year, EMC expanded GAAP and non-GAAP gross margin and operating margin percentages on a year-over-year basis. The company ended the year with $11.4 billion in cash and investments.
Joe Tucci, EMC Chairman and Chief Executive Officer, said, "EMC achieved its first $6 billion quarter for revenue, capping off a record breaking 2012. Driving our strong results is the strength of our leading-edge products and services, our solid operational and financial model, and consistent execution against our strategy. EMC remains squarely at the center of the most disruptive and opportunity-rich shift in IT history, propelled by the benefits of cloud computing, Big Data and trusted IT. These high-priority IT spending areas are core to our strategic focus and represent market segments where EMC has established leadership positions and competitive advantage."