Raises guidance for FY09 revenues
Cognizant Technology Solutions has reported revenues of $853.5m for the third quarter of 2009, an increase of 16% compared to $734.7m for the same period last year. Revenues increased by 10% sequentially.
Francisco D’Souza, president and CEO of Cognizant, said: We experienced strong organic growth across all industry sectors, geographies and service lines this quarter. The sequential revenue increase of $76.9m is the largest in the history of the company. Our constant focus on customer service and reinvesting in our business continues to generate industry-leading results.
Income from operations was $161.7m, compared to $142.6m for the third quarter of 2008. Depreciation and amortisation expenses increased to $22.3m from $19.4m for the same period last year.
For the quarter ended September 30, the company has posted a net income of $136.5m, up 36%, compared to $112.8m in the same period last year.
Mr D’Souza added: “Clients, who have come to rely on us to help them achieve operational efficiencies, are now increasingly approaching us to serve as a consultative business partner, as their industries face comprehensive upheavals from the recession, and secular shifts resulting from new technologies and other market forces.
The company anticipates fourth quarter revenues to be $880m and fiscal 2009 revenues to be at least $3.255 billion, up at least 15.5% compared to 2008. It also expects EPS to be $0.45 on a GAAP basis and $0.49 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense.