EMC posts Q3 revenue of $1.51B, up 20% from 2002

Storage hardware vendor EMC posted US$1.51 billion in revenue for the third quarter of 2003, up 20 percent from the $1.26 billion reported one year ago.

In an announcement Thursday, the company also reported net income of $159 million for the quarter, or 7 cents per weighted share. That's up from $21 million in net income, or 1 cent per weighted share, in the same quarter a year earlier.

The positive earnings report came just two days after EMC announced a planned $1.7 billion acquisition of content management software vendor Documentum.

"We are on track to achieve double-digit growth for the year, which not many large technology companies will do in this challenging economic environment," Joe Tucci, EMC's president and chief executive officer, said in a statement.

The company also issued guidance for expected revenue in the fourth quarter of between $1.74 billion and $1.78 billion, with earnings expected to be about 5 cents per diluted share, including charges and acquisition costs for the July purchase of storage software vendor Legato Systems.

The acquisition of Documentum is expected to dilute first quarter 2004 earnings by 2 cents per share, according to EMC.

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