October 24, 2012 / 11:57 AM / 5 years ago

EMC profit misses estimates, cuts 2012 outlook

(Reuters) - Data-storage equipment maker EMC Corp EMC.N cut its outlook on Wednesday after it reported a higher third-quarter profit and sales that missed analysts’ expectations.

The world’s biggest maker of corporate data-storage equipment said net income attributable to the company rose to $626.3 million, or 28 cents per share. Excluding items, it earned 40 cents per share.

Consolidated revenue rose 6 percent to $5.28 billion.

Analysts on average had expected earnings of 42 cents per share on revenue of $5.46 billion.

For the full year EMC said it expects to achieve earnings per share in a range of $1.68 and $1.70 and revenue between $21.60 billion and $21.75 billion.

Analysts were on average anticipating $1.72 per share and revenue of $22.03 billion, according to Thomson Reuters I/B/E/S

In July, EMC reiterated its full-year profit forecast of $1.70 per share and repeated its revenue outlook of $22 billion.

Its shares fell 6.5 percent in premarket trading after closing at $24.68 on Tuesday.

Reporting By Nicola Leske in New York and Supantha Mukherjee in Bangalore; Editing by Maureen Bavdek

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