EMC Corporation (NYSE:EMC) released the results from its second quarter this morning, posting non-GAAP earnings of 43 cents per share on $5.9 billion in revenue, which is a new record and a 5% increase year over year. Analysts had been expecting earnings of 43 cents per share on $5.83 billion in revenue.

GAAP earnings were 28 cents per share.

EMC Corporation

Breaking down EMC’s earnings

EMC Corporation said it generated $1.3 billion in operating cash flow, a 2% increase, and $930 million in free cash flow, a 10% increase year over year. The company ended the second quarter with $14.6 billion in investments and cash.

EMC reported a 1% year over year increase in its Information Infrastructure business. Excluding its High-end Storage business, Storage revenue increased 7% year over year, which is faster than the growth rate of the broader industry. The company noted a 52% increase in Emerging Storage revenue driven by the EMC XtremIO all-flash storage array, ViPR software-designed storage and Isilon scale-out storage.

The company said its Cloud Foundry open-source platform as a service drive a 29% increase in revenue from its Pivotal segment. VMware, Inc. (NYSE:VMW), of which EMC owns an 80% stake, saw its revenue climb 17% year over year. Shares of VMware increased by 2% in premarket trading.

EMC buys back more shares, raises guidance

During the second quarter, EMC said it repurchased about $600 million worth of its common shares and paid out approximately $200 million to shareholders through a quarterly dividend. EMC also said it is speeding up its share repurchase plan from $2 billion to $3 billion. Including that share repurchase and also a higher dividend, the company expects to return over $7 billion to shareholders over last year and this year.

EMC Corporation also provided guidance, projecting consolidated revenues of $24.575 billion for this year. The company expects operating income to be between 16.3% and 16.8% of revenues. It believes consolidated non-GAAP operating income will range between 24% and 24.5% of revenues for this year.

The company expects consolidated GAAP earnings per share of $1.30 for the year and non-GAAP earnings of around $1.91 per share. EMC increased both of those numbers by 1 cent each.