Cognizant: 2Q Earnings Snapshot
TEANECK, N.J. (AP) _ Cognizant Technology Solutions Corp. (CTSH) on Thursday reported second-quarter net income of $456 million.
On a per-share basis, the Teaneck, New Jersey-based company said it had net income of 78 cents. Earnings, adjusted for non-recurring costs and stock option expense, came to $1.19 per share.
The results exceeded Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.
The information technology consulting and outsourcing firm posted revenue of $4.01 billion in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $4.02 billion.
For the current quarter ending in October, Cognizant expects its per-share earnings to be $1.13. Analysts surveyed by Zacks had forecast adjusted earnings per share of $1.14.
The company said it expects revenue in the range of $4.06 billion to $4.1 billion for the fiscal third quarter. Analysts surveyed by Zacks had expected revenue of $4.12 billion.
Cognizant expects full-year earnings to be $4.50 per share, with revenue ranging from $16.05 billion to $16.3 billion.
Cognizant shares have climbed 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 5 percent. The stock has increased 18 percent in the last 12 months.