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Cognizant: 2Q Earnings Snapshot

August 2, 2018

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.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CTSH at https://www.zacks.com/ap/CTSH

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