Cognizant Technology Solutions Corp. (CTSH) posted higher first-quarter GAAP net income of $284.21 million, or $0.93 a share, compared with $243.65 million, or $0.79 a share, last year. Excluding items, quarterly non-GAAP earnings per share totaled $1.02.
The firm clocked revenue of $2.02 billion in the quarter, up 18.1% from the prior-year period's $1.71 billion. On average, 23 analysts polled by Thomson Reuters expected earnings per share of $0.93, on $2.01 billion of revenues for the quarter. Analysts' estimates typically exclude one-time items.
Looking ahead to the second quarter, the company expects earnings per share to be $0.97 on a GAAP basis, and $1.06 on a non-GAAP basis; and revenue likely to be at least $2.13 billion. Analysts anticipate second-quarter earnings per share of $0.97 and revenue of $2.11 billion.
For fiscal 2013, earnings per share are expected to be at least $3.95 on a GAAP basis, and $4.31 on a non-GAAP basis, with annual revenue expected to be at least $8.60 billion. Analysts project full-year earnings of $4.00 per share on $8.63 billion revenues. The company said the per-share earnings view excludes any future non-operating foreign currency exchange gain or loss.
In addition, Cognizant's board has increased the stock repurchase program by $500 million, from $1 billion to $1.5 billion, and extended the term of the program to December 31, 2014.
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