EPAM Systems, Inc. (EPAM), a digital transformation services and product engineering company, on Thursday reported net income declined in the third quarter compared with the previous year.
For the third quarter, net income declined to $106.82 million from $136.35 million in the previous year.
Earnings per share were $1.91 versus $2.37 last year.
Adjusted net income decreased to $171.79 million from $179.09 million in the previous year.
Adjusted earnings per share were $3.08 versus $3.12 last year.
On average, fifteen analysts had expected the company to report $3.03 per share. Analysts' estimates typically exclude special items.
Income from operations decreased to $144.94 million from $176.98 million in the previous year.
Revenue increased 19.4 percent to $1.39 billion from $1.17 billion in the prior year.
Further, the company expected revenue for the fourth quarter to range between $1.380 billion and $1.395 billion, reflecting year-over-year growth of 11.1% at the midpoint of the range.
Income from operations is expected to range between 10.0% to 11.0% of revenues and and non-GAAP income from operations is expected to be in the range of 15.5% to 16.5% of revenues.
Earnings per share is anticipated to range between $2.00 and $2.08 for the fourth quarter.
Adjusted earnings per share is anticipated to range between $3.10 and $3.18 for the fourth quarter.
In the pre-market trading, EPAM Systems is 5.15% higher at $169.20 on the New York Stock Exchange.
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