Dell Turns To Profit In Q3; Says Focused On Long-term Profitable Growth

(RTTNews) - Dell Technologies (DELL) reported Tuesday that its third-quarter net income attributable to shareholders was $499 million, compared to last year's loss of $876 million. Earnings per share were $0.66.

Adjusted net income was $1.45 billion, compared to $1.20 billion last year. Adjusted earnings per share were $1.75.

Third-quarter revenue increased 2 percent to $22.84 billion from last year's $22.48 billion. Adjusted net revenue was $22.93 billion, up 1 percent from $22.65 billion last year.

On average, analysts polled by Thomson Reuters expected earnings of $2.07 per share on revenues of $25.11 billion. Analysts' estimates typically exclude special items.

Operating income was $836 million, compared to an operating loss of $356 million last year. Adjusted operating income grew 18 percent to $2.4 billion, and adjusted EBITDA grew 18 percent to $2.86 billion.

In the quarter, storage revenue grew 7 percent, and the increase was 5 percent for Client Solutions Group revenue and 11 percent for VMware revenue.

Looking ahead, Tom Sweet, chief financial officer, Dell, said, "We remain focused on long-term profitable growth, growing faster than competitors and the industry, growing operating income and EPS faster than revenue and generating strong cash flow over time."