The Hindu : Business : Cognizant net income up at $113 m in Q1

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Cognizant net income up at $113 m in Q1

Corporate Reporter

CHENNAI: Cognizant Technology Solutions Corporation reported a 16 per cent rise in its revenue at $745.9 million during the first quarter ended March 31, 2009, against $643.1 million in the year-ago period. GAAP net income was higher at $113.1 million or $0.38 per diluted share against $101.9 million or $0.34 per diluted share. Diluted earnings per share on a non-GAAP basis were $0.41, according to a company release.

Earnings for the quarter included $5 million or $0.01 per share of non-operating foreign currency exchange losses primarily resulting from the weakness in the European currencies and Indian rupee.

Guidance

In the second quarter, the company anticipates revenue to be at least $760 million, diluted EPS to be $0.37 on a GAAP basis and $0.42 on a non-GAAP basis, which excludes $0.05 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense. For the whole of 2009, it provides a revenue guidance of $3.1 billion, up at least 10 per cent over 2008. Diluted EPS is expected to be $1.53 on a GAAP basis and at least $1.71 on a non-GAAP basis.

“Looking to the full year, we remain confident of achieving our full year guidance of at least 10 per cent revenue growth. We will continue to adhere to our business strategy and strategically manage our way through the current market turmoil to capture new opportunities so that we can emerge from this downturn in an even stronger position than when we entered it,” said Francisco D’Souza, President and CEO.

During the quarter, we continued to focus on operational excellence, thus generating cost savings which can be reinvested in differentiating ourselves in the marketplace and generating industry-leading long-term revenue growth,” said Gordon Coburn, Chief Financial and Operating Officer.

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