EMC Corp. (EMC) reported that its third-quarter net income attributable to the company increased to $587 million from the prior year's $586 million, with earnings per share improving to $0.28 from $0.27 last year.
Non-GAAP net income attributable to the company was $903 million or $0.438 per share, compared to $860 million or $0.397 per share in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly revenue grew to $6.032 billion from $5.539 billion in the prior year. Wall Street expected revenues of $6.00 billion.
Looking ahead for fiscal 2014, the company now expects GAAP earnings per share to be $1.29 for 2014 and non-GAAP earnings share of $1.90, and Consolidated revenues of $24.5 billion. Wall Street currently is looking for fiscal year 2014 earnings of $1.91 per share on annual revenues of $24.54 billion.
The company said in July that it expected GAAP earnings per share to be $1.30 and non-GAAP earnings per share of $1.91 and Consolidated revenues of $24.575 billion for 2014.
EMC expects to repurchase an aggregate of $3.0 billion of the company's common stock in 2014.
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