HOPKINTON (dpa-AFX) - (Correction: The original article incorrectly stated that the company lowered its full-year guidance. A corrected version follows.)
Data storage solutions provider EMC Corp. (EMC) reported that net income attributable to the company for first-quarter 2014 declined to $392 million or $0.19 per share, from $580 million or $0.26 per share in the same quarter last year.
Non-GAAP net income attributable to the company was $728 million or $0.35 per share, down from $850 million or $0.39 per share last year.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Meanwhile, revenues for the quarter rose to $5.48 billion from $5.39 billion in the prior year quarter. Thirty seven analysts had a consensus revenue estimate of $5.43 billion for the quarter.
For fiscal 2014, the company said it continues to expect non-GAAP earnings of $1.90 per share on revenues of $24.58 billion.
Wall Street is currently looking for fiscal year 2014 earnings of $1.94 per share on annual revenues of $24.51 billion.
In addition, EMC's Board approved a 15% increase in the quarterly cash dividend paid to EMC shareholders. The first increased dividend of $0.115 per share of common stock will be paid on July 23, 2014 to shareholders of record as of the close of business on July 1, 2014.
EMC also said it expects to repurchase an aggregate of $2.0 billion of the company's common stock in 2014.
Copyright RTT News/dpa-AFX