EMC Corporation (NYSE:EMC): The company, which delivers and supports a range of information infrastructure technologies and solutions, reported net income exceeding Wall Street’s expectations for the second quarter. Net income for EMC Corporation rose to $546.5 million (24 cents per share) vs. $426.2 million (20 cents per share) in the same quarter a year earlier. This marks a rise of 28.2% from the year earlier quarter. Revenue rose 20.4% to $4.85 billion from the year earlier quarter. EMC reported adjusted net income of 35 cents per share. By that measure, the company beat the mean estimate of 27 cents per share. It beat the average revenue estimate of $4.73 billion. Shares are down 0.44% today in after-hours trading.
“Our record-setting performance during the quarter was marked by balanced growth, solid execution and significant technology innovation as customers around the world continue to embrace EMC’s cloud computing and Big Data strategies,” said Joe Tucci, EMC Chairman and Chief Executive Officer. “It is our firm belief that this strategy is well-placed and underpinned with winning products and services and strategic partners. We remain confident in our ability to continue delivering strong results this year and over the long term. Furthermore, we remain committed to investing heavily to extend our technology lead and help customers and service provider partners accelerate their IT and business model transformations.”
Competitors to Watch: NetApp Inc. (NASDAQ:NTAP), Western Digital Corp. (NYSE:WDC), Quantum Corporation (NYSE:QTM), Hewlett-Packard Company (NYSE:HPQ), Intl. Business Machines Corp. (NYSE:IBM), and Brocade Communications Systems, Inc. (NASDAQ:BRCD).
Altria Group, Inc. (NYSE:MO): Altria, which manufactures and sells cigarettes and tobacco products as well as maintaining a portfolio of leveraged and direct finance leases, saw profits fall in its second quarter. Net income fell to $444 million (21 cents per share) vs. $1.04 billion (50 cents per share) a year earlier. This is a decline of 57.4% from the year earlier quarter. Revenue fell 5.9% to $5.92 billion from the year earlier quarter. Altria reported adjusted net income of 53 cents per share. By that measure, the company fell in line with the mean estimate of 53 cents per share. It beat the average revenue estimate of $4.43 billion. Altria shares are down 0.57% today in after-hours trading.
“Altria continued to deliver solid adjusted EPS growth in the second quarter of 2011,” said Michael E. Szymanczyk, Chairman and Chief Executive Officer of Altria. “Our adjusted EPS growth reflects the strong operating margins and retail share performance of our tobacco companies’ premium brands.”
United Technologies Corporation (NYSE:UTX): The provider of high tech products and services to the building systems and aerospace industries reported positive second quarter results. Net income for United Technologies rose to $1.32 billion ($1.45 per share) vs. $1.11 billion ($1.20 per share) in the same quarter a year earlier. This marks a rise of 18.7% from the year earlier quarter. Revenue rose 9.2% to $15.08 billion from the year earlier quarter. UTX beat the mean analyst estimate of $1.41 per share. It beat the average revenue estimate of $14.7 billion. UTX shares are down 0.28% today in after-hours trading.
“For the first time since the second quarter of 2008, all six of our business segments reported organic sales growth in the quarter,” said Louis Chenevert, UTC Chairman and Chief Executive Officer. “More encouragingly, order rates remain strong and in line with expectations across most of the segments including our longer cycle commercial construction related businesses.