EPAM Systems (NYSE: EPAM) reported Q1 EPS of $1.25, $0.08 better than the analyst estimate of $1.17. Revenue for the quarter came in at $521.3 million versus the consensus estimate of $518.76 million.

• Revenues increased to $521.3 million, a year-over-year increase of $97.2 million, or 22.9%, and on a constant currency basis, revenues were up 26.3% over the corresponding period last year;
• GAAP income from operations was $64.7 million, an increase of $16.0 million, or 32.8%, compared to $48.7 million in the first quarter of 2018;
• Non-GAAP income from operations was $89.2 million, an increase of $21.5 million, or 31.8%, compared to $67.7 million in the first quarter of 2018;
• Diluted earnings per share ("EPS") on a GAAP basis was $1.06, a decrease of $0.09, or 7.8%, compared to $1.15 in the first quarter of 2018 based on a weighted average share count of 57.2 million fully diluted shares outstanding. In the first quarter of 2018, GAAP EPS benefited from a net $22.5 million one-time income tax benefit related to U.S. tax reform; and
• Non-GAAP diluted EPS was $1.25, an increase of $0.32, or 34.4%, compared to $0.93 in the first quarter of 2018.

"Our first quarter 2019 results demonstrate that our value proposition is resonating with our clients," said Arkadiy Dobkin, CEO & President, EPAM. "Looking ahead, we will continue to deliver solutions across every dimension of transformation, from next gen digital platforms to cloud migration to automation, positioning us well for continued growth."

GUIDANCE:

EPAM Systems sees Q2 2019 EPS of $1.21, versus the consensus of $1.20. EPAM Systems sees Q2 2019 revenue of $549 million, versus the consensus of $544.16 million.

EPAM Systems sees FY2019 EPS of $5.19, versus the consensus of $5.10.

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