Earnings, Revenue Rise for EMC - TheStreet

Earnings, Revenue Rise for EMC

The company also expects to post profits for the rest of the year.
Author:
Publish date:

EMC

(EMC)

said second-quarter earnings and sales rose from a year ago, and the data-storage company expects to be profitable for the rest of 2003.

Total revenue for the second quarter was $1.48 billion, up 7% from $1.39 billion in the same period last year. EMC earned $82 million, or 4 cents a share, compared with net income of $1 million a year ago. In the second quarter of 2002, EMC broke even on a per-share basis.

The company forecast third-quarter revenue of $1.45 billion to $1.50 billion and earnings of 4 cents a share. The company said it expects to report net income for each remaining quarter this year.

Additionally, EMC said the recently announced acquisition of

Legato Systems

(LGTO)

should add slightly to 2004 earnings per share.

Analysts polled by Thomson First Call were expecting a profit of 3 cents and revenue of $1.46 billion in the second quarter. Wall Street's forecast for the third quarter is 4 cents per share with revenue of $1.49 billion. For the full year, analysts are looking for earnings of 15 cents and a top line of $5.99 billion.