EMC Corp. Q2 Profit Down; Cuts 2015 Outlook - Quick Facts

(RTTNews) - EMC Corp. (EMC) reported that its second-quarter 2015 net income attributable to the company declined to $487 million from last year's $589 million, with earnings per share declining to $0.25 from $0.28 in the previous year.

Non-GAAP earnings per share were $0.43, flat compared with the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

Consolidated second-quarter GAAP revenue was $6 billion, up 2% year over year. GAAP revenue was reduced by the amount of a VMware settlement with the DOJ and the GSA, which was entered into and paid in cash by VMware in the second quarter. Consolidated second-quarter non-GAAP revenue was $6.1 billion, up 3% year over year and up 8% on a constant currency basis. Wall Street expected revenues of $6.10 billion for the quarter.

Looking ahead for 2015, the company now expects GAAP earnings per share to be $1.17, non-GAAP earnings per share of $1.87, GAAP revenues of $25.2 billion and non-GAAP revenues of $25.3 billion. Wall Street currently is looking for fiscal year 2015 earnings of $1.90 per share on annual revenues of $25.64 billion.

The company said in April that it expected earnings of $1.23 per share, adjusted earnings of $1.91 per share and consolidated revenues of $25.7 billion for 2015.