Virtusa: Fiscal 3Q Earnings Snapshot
SOUTHBOROUGH, Mass. (AP) _ Virtusa Corp. (VRTU) on Thursday reported fiscal third-quarter net income of $12.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Southborough, Massachusetts-based company said it had profit of 37 cents. Earnings, adjusted for one-time gains and costs, were 61 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.
The provider of information technology services posted revenue of $314.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $314.5 million.
For the current quarter ending in March, Virtusa expects its per-share earnings to range from 59 cents to 65 cents.
The company said it expects revenue in the range of $326 million to $334 million for the fiscal fourth quarter.
Virtusa expects full-year earnings in the range of $2.25 to $2.31 per share, with revenue expected to be $1.25 billion.
Virtusa shares have climbed 13 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $48.20, an increase of 15 percent in the last 12 months.