AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

EMC Corp, the world's top maker of corporate data storage equipment, on Wednesday said quarterly profit nearly doubled, helped by a tax-related benefit and strength in its services business.
The company, whose shares were up 2.3 percent, said third-quarter net income rose to $422 million, or 17 cents per share, from $218 million, or 9 cents per share, a year earlier.
Excluding a tax-related benefit of $106 million, earnings per share were 13 cents, a penny better than the average forecast among analysts polled by Reuters Estimates.
EMC, whose data storage machines have become increasingly interchangeable with those of its competitors, has found growth and higher margins in the lucrative business of helping companies manage tremendous increases in data storage needs. Revenue in its services business grew 25 percent in the third quarter to $402.1 million.
"The services business is good for their margins," said Brian Freed, an analyst with Morgan Keegan and Co.
"Additionally, I think it's a good indicator of what future interest is because it is professional services that lead product deployments - it's a good proxy on future demand."
EMC Chief Financial Officer Bill Teuber said the company was aiming for full-year earnings of 53 cents a share, up 2 cents from its July forecast.
EMC, based in Hopkinton, Massachusetts, forecast fourth-quarter sales of $2.67 billion to $2.69 billion, and earnings per share of 16 cents to 17 cents, in line with analysts' expectations.
The market for storage systems remains competitive, Chief Executive Joe Tucci said on a conference call with analysts.
EMC's sales rose 17 percent in the third quarter to $2.37 billion, within the range of analysts' estimates, boosted by services sales growth. The company said it significantly stepped up its stock buybacks in the third quarter, spending $333 million on more than 24 million shares.

Copyright Reuters, 2005

Comments

Comments are closed.