EMC first quarter in line; 2011 outlook short of estimates

EMC first quarter in line; 2011 outlook short of estimates

Summary: EMC hit estimates with its first quarter results and touted strength in its international units. EMC's 2011 outlook, however, was light relative to expectations.

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EMC on Wednesday hit estimates with its first quarter results and touted strength in its international units. EMC's 2011 outlook, however, was light relative to expectations.

The company reported first quarter earnings of $477.1 million, or 21 cents a share, on revenue of $4.6 billion, up 18 percent from a year ago. Non-GAAP earnings were 31 cents a share, in line with Wall Street estimates.

EMC, which owns VMware, cited strong performance in its Europe/Middle East/Africa and Asia Pacific/Japan regions.

In a statement, EMC CEO Joe Tucci said the company will continue to focus on virtualization, cloud computing and big data management.

CFO David Goulden said that EMC was confident it can "meet and potentially exceed our 2011 consolidated revenue, non-GAAP EPS and free cash flow goals."

As for the outlook, EMC projected 2011 revenue of $19.6 billion with non-GAAP earnings of $3.3 billion, or $1.46 a share. That outlook is a bit below Wall Street estimates, but consistent with EMC's previous guidance. Analysts were looking for earnings of $1.48 a share on revenue of $19.65 billion.

Topics: Hardware, Banking, Storage

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