Luxoft Holding (LXFT) Tops Q2 EPS by 11c, Revenues Beat; Offers 3Q EPS/Revenue Guidance Below Consensus

Luxoft Holding (NYSE: LXFT) reported Q2 EPS of $0.74, $0.11 better than the analyst estimate of $0.63. Revenue for the quarter came in at $228.4 million versus the consensus estimate of $228.01 million.

• Revenue of $228.4 million, up 0.2% year-over-year and up 7.3% sequentially
• Net income of $14.4 million, compared to $18.4 million in the year-ago quarter and diluted EPS of $0.43, compared to $0.54 in the year-ago quarter
• Adjusted EBITDA of $36.6 million and adjusted EBITDA margin of 16.0%, compared to $38.6 million and 16.9% in the year-ago quarter
• Non-GAAP diluted EPS of $0.74, compared to $0.82 in the year-ago quarter
• As of September 30, 2018, total number of employees was 12,897; Annual revenue per billable engineer was $83,043, up 0.4% from the prior year.

"Our second quarter results demonstrate continued execution of our strategic priorities and transformational initiatives," said Dmitry Loschinin, Luxoft’s CEO and President. "We continue to diversify our revenue and re-align our focus and resources to the highest growth opportunities. Growth in Financial Services remains healthy, despite challenges in the Investment Banking sector, while our leading Automotive solutions continue to drive strong customer demand. We remain sharply focused on enhancing our Digital solutions in order to advance our competitive position and meet the evolving needs of our clients."

"Looking ahead, we remain focused on advancing our transformation and building a stronger and more diversified company. While we expect some headwinds during the second half of the year, we are confident that further execution of our strategy will strengthen our long-term growth profile and position us to deliver increasing shareholder returns."

GUIDANCE:

Luxoft Holding sees Q3 2019 EPS of $0.62-$0.69, versus the consensus of $0.73. Luxoft Holding sees Q3 2019 revenue of $230-235 million, versus the consensus of $249.83 million.

For earnings history and earnings-related data on Luxoft Holding (LXFT) click here.

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