While the rest of the PC industry may be hurting, Lenovo has found a way to turn in record sales results during its fiscal year ending March 31. During that time frame, the company managed to capture $34 billion in sales, which is a 15 percent increase over the previous year. 

In terms of actual earnings, the company brought in $635 million, a 34 percent increase. When compared to an overall industry decline of more than 13 percent year-over-year, Lenovo's profit and sales figures are quite impressive.

Lenovo also saw its PC sales grow 10.2 percent, while the rest of the industry saw them decrease by 8.1 percent. In total, it shipped 52.4 million PCs, grabbing 15.5 percent of the global market share. That puts it right within reach of stealing the top spot from Hewlett-Packard, and it would not be at all surprising to see them move past them during this year.

The fourth fiscal quarter was particularly kind to Lenovo, with the company generating $7.8 billion in revenue during the three month period. Earnings increased 90 percent to $127 million, which is clearly a good sign for the continued growth of the company.

Of course, Lenovo is more than a PC builder, as it has a growing smartphone arm as well. This division's shipments were 3.7 times higher than the previous year. It has moved to number two in the Chinese smartphone market, so that makes up a good portion of its income as well.

Going forward, Lenovo plans to focus investments in tablets, smartphones and enterprise hardware areas, while working to enhance the profitability of its PC business, according to CEO Yang Yuanqing.