HOPKINTON, Mass. — Data storage company EMC Corp. said Tuesday its fourth-quarter profit fell 45 percent as one-time restructuring expenses weighed on its results.
Excluding charges, the company’s results beat Wall Street estimates, but EMC said it would not issue any financial guidance due to the uncertain economy.
Shares fell 30 cents, or 2.7 percent, to end at $10.69.
EMC said its earnings for the quarter ended Dec. 31 fell to $288 million, or 14 cents per share, from $525.7 million, or 24 cents per share, in the same quarter last year.
Revenue rose 5 percent to $4.02 billion from $3.83 billion a year ago as businesses continued to buy its typically recession-proof data storage products.
EMC, which is laying off 2,400 people, said it earned 32 cents per share excluding restructuring and other one-time charges.
Wall Street analysts polled by Thomson Reuters expected earnings of 23 cents per share on $4 billion in revenue. The earnings estimates typically exclude one-time items.
The company said restructuring costs will total $75 million in 2009.
“Through 2009, we will continue to streamline operations, reduce costs and strengthen the efficiencies of our global operations,” said David Goulden, EMC’s executive vice president and chief financial officer, in a statement.
For the full year, EMC said earnings fell 19 percent to $1.35 billion, or 64 cents per share, from $1.67 billion, or 77 cents per share, in 2007. Revenue rose to $14.88 billion from $13.23 billion.
