Cognizant Technology Solutions (CTSH) Tops Q1 EPS by 9c; Issues Solid Outlook, Extends Buyback Plan

May 8, 2013 7:05 AM EDT Send to a Friend
Cognizant Technology Solutions (NASDAQ: CTSH) reported Q1 EPS of $1.02, $0.09 better than the analyst estimate of $0.93. Revenue for the quarter rose 18.1% to $2.02 billion versus the consensus estimate of $2.01 billion.

Cognizant Technology Solutions sees Q2 2013 EPS of $1.06, versus the consensus of $0.97. Cognizant Technology Solutions sees Q2 2013 revenue of $2.13 billion, versus the consensus of $2.11 billion.

Cognizant Technology Solutions sees FY2013 EPS of $4.31, versus the consensus of $4.00. Cognizant Technology Solutions sees FY2013 revenue of $8.6 billion, versus the consensus of $8.63 billion.

The Company also announced that its Board of Directors approved an expansion of its stock repurchase program. The Board of Directors 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. To date, the Company has repurchased $940 million of its shares under this program.

"Our performance during the first quarter was strong, and we are encouraged by the healthy demand for our broad range of services," said Francisco D'Souza, Chief Executive Officer. "We continue to make solid progress developing emerging offerings in new markets, new SMAC technologies, and new non-linear solutions and services. I'm particularly pleased with the recent launch of our portfolio of Cognizant BusinessCloudSM solutions that enable clients to quickly deploy a range of business and best-in-class IT solutions and to forgo costly capital outlays and lengthy implementation timelines."

"Our long-term re-investment in our business and the strength and depth of our client relationships give us the confidence to deliver continued industry-leading revenue growth," said Gordon Coburn, President. "We are well positioned to help clients run better by driving greater efficiency and effectiveness, while simultaneously helping them to run different by innovating and transforming their businesses for the future."

For earnings history and earnings-related data on Cognizant Technology Solutions (CTSH) click here.


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