Amended: recasts second paragraph to give clear distinction between Income from operations and diluted earnings per share on a non-GAAP basis.
Cognizant Technology Solutions Corp. (CTSH) reported that its third-quarter net income was $136.57 million or $0.45 per share, compared to $112.83 million or $0.38 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.
On a non-GAAP basis, income from operations for the quarter was $172.37 million, compared with $152.80 million in the year-ago quarter. On the same basis, earnings per share totaled $0.48, higher than $0.40 last year.
Revenues for the quarter were $853.49 million, up 16% from $734.73 million in the prior year quarter. Twenty one analysts had consensus revenue estimate of $805.10 million for the quarter.
For the fourth quarter, the company expects GAAP earnings to be $0.45 per share, and non-GAAP earnings to be $0.49 per share. Fourth-quarter 2009 revenue is anticipated to be at least $880 million. Analysts expect the company to report earnings of $0.42 per share on revenues of $829.83 million for the fourth-quarter.
The company raised its fiscal 2009 GAAP earnings outlook to $1.75 per share, from the prior outlook of at least $1.66 per share. The company also raised its fiscal 2009 non-GAAP earnings outlook to $1.88 per share, from the previous outlook of at least $1.80 per share.
For fiscal 2009, revenue is now expected to be at least $3.255 billion, compared to prior guidance of at least $3.14 billion.
Analysts expect the company to report earnings of $1.68 per share, on revenues of $3.16 billion for fiscal 2009.
For comments and feedback: editorial@rttnews.com