Virtusa: Fiscal 1Q Earnings Snapshot
WESTBOROUGH, Mass. (AP) _ Virtusa Corp. (VRTU) on Wednesday reported a fiscal first-quarter loss of $6.3 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Westborough, Massachusetts-based company said it had a loss of 25 cents. Earnings, adjusted for one-time gains and costs, came to 50 cents per share.
The results beat Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
The provider of information technology services posted revenue of $300 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $298.2 million.
For the current quarter ending in October, Virtusa expects its per-share earnings to range from 50 cents to 56 cents.
The company expects full-year earnings in the range of $2.16 to $2.34 per share.
Virtusa shares have risen 20 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $52.97, a rise of 59 percent in the last 12 months.