EMC Corp. Q1 Profit Declines; Cuts FY15 Outlook - Quick Facts

(RTTNews) - EMC Corp. (EMC) reported that first-quarter net income attributable to the company declined to $252 million or $0.13 per share from $392 million or $0.19 per share in the prior-year quarter.

Excluding items, adjusted net income attributable to the company was $623 million or $0.31 per share, compared to $728 million or $0.35 per share in the year-ago quarter. On average, 34 analysts polled by Thomson Reuters expected the company to report earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the latest first quarter rose to $5.61 billion from $5.48 billion in the comparable quarter last year. Wall Street expected revenues of $5.74 billion.

Looking ahead for fiscal 2015, the company now expects earnings of $1.23 per share, adjusted earnings of $1.91 per share and consolidated revenues of $25.7 billion. Street currently is looking for full-year 2015 earnings of $1.97 per share on annual revenues of $25.91 billion.

Earlier, the company expected earnings to be in the range of $1.27 per share, adjusted earnings of $1.98 per share and revenues of $26.1 billion.