Cognizant Technology Solutions Corp. (CTSH) reported that its fourth quarter GAAP net income was $144.0 million or $0.47 per share, compared to $112.3 million or $0.38 per share, in the fourth quarter of 2008. Quarterly earnings per share on a non-GAAP basis, which excludes stock-based compensation expense, was $0.50, compared to $0.41 in the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.46 per share for the quarter. Analysts' estimates typically exclude special items.
Revenue for the fourth quarter was $902.7 million, up 20% from $753.0 million in the fourth quarter of 2008. Twenty two analysts had consensus revenue estimate of $887.85 million for the quarter.
For the First quarter 2010, earnings per share are expected to be $0.48 on a GAAP basis and $0.52 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense. Revenue is expected anticipated to be at least $935 million. Analysts expect the company to report earnings of $0.47 per share on revenues of $911.62 million for the first-quarter.
For fiscal 2010, revenue is expected to be at least $3.935 billion, up at least 20% compared to 2009. EPS is expected to be at least $2.03 on a GAAP basis, and $2.19 on a non-GAAP basis, which excludes $0.16 of estimated stock-based compensation expense. Analysts expect the company to report earnings of $2.01 per share on revenues of $3.91 billion for fiscal 2010.
For comments and feedback: editorial@rttnews.com