First quarter revenue up 2.8% sequentially and 19.9% year-over-year
Reaffirms full-year revenue guidance of at least 16.5% growth
Raises FY2014 non-GAAP EPS guidance
Cognizant Technology Solutions Corporation (NASDAQ: CTSH), a leading provider of information technology, consulting, and business process outsourcing services, today announced its first quarter 2014 financial results.
Highlights – First Quarter 2014
- First quarter revenue of $2.42 billion was up 19.9% from the year-ago period and up 2.8% sequentially.
- GAAP diluted EPS was $0.57, up from $0.47 in the year-ago period.
- Non-GAAP diluted EPS was $0.62, up from $0.51 in the year-ago period.
- Net headcount addition for the quarter was approximately 7,200.
Revenue for the first quarter of 2014 rose to $2.42 billion, up 19.9% from $2.02 billion in the first quarter of 2013. GAAP net income was $348.9 million, or $0.57 per diluted share, compared to $284.2 million, or $0.47 per diluted share, in the first quarter of 2013. Non-GAAP diluted earnings per share was $0.62 compared to $0.51 in the first quarter of 2013. GAAP operating margin for the quarter was 19.0%. Non-GAAP operating margin was 20.8%, higher than the Company’s target range of 19-20%. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.
“Cognizant continues to be well positioned to help clients as they face the secular shifts impacting their businesses,” said Francisco D’Souza, Chief Executive Officer. “Our broad set of capabilities and our compelling value proposition enable Cognizant to help clients simultaneously ‘run better’ and ‘run different,’ by not only driving efficiency in their current operations, but also helping them to re-imagine and re-design their business models.”
“We remain confident in the overall demand environment and in our ability to deliver our previously stated revenue guidance of at least $10.3 billion for 2014, up at least 16.5% over 2013,” said Gordon Coburn, President. “Our strategy of re-investing in our business to build strength across all of our growth horizons is clearly paying off. As the impact of digital technologies increasingly becomes a CEO level agenda item, Cognizant is well positioned to capitalize on this trend.”
2014 Outlook – Second Quarter and Full Year
The Company is providing the following guidance:
- Second quarter 2014 revenue expected to be between $2.50 billion and $2.53 billion.
- Second quarter 2014 non-GAAP diluted EPS expected to be $0.62.
- Fiscal 2014 revenue expected to be at least $10.3 billion, up at least 16.5% compared to 2013.
- Fiscal 2014 non-GAAP diluted EPS expected to be at least $2.54.
“Our continued focus on operational excellence and our strong ramp up in hiring during the quarter positions us to effectively service the healthy demand environment that we anticipate this year,” said Karen McLoughlin, Chief Financial Officer. “In addition, we are particularly pleased with the on-going success of our retention programs, as our attrition rate once again trended lower this quarter."
Over Cognizant
Cognizant (NASDAQ: CTSH) is een vooraanstaande dienstverlener in informatietechnologie, consultancy en business process outsourcing-services. Cognizant werkt in nauw partnerschap met ’s werelds grootste organisaties om hun concurrentiepositie te versterken. Het hoofdkantoor is gevestigd in Teaneck, New Jersey (Verenigde Staten). Cognizant combineert een passie voor klanttevredenheid, technologische innovatie en diepgaande industrie- en bedrijfsproceskennis met een wereldwijd samenwerkend personeelsbestand. Cognizant heeft wereldwijd meer dan 75 delivery centers en ongeveer 178.600 werknemers (per 31 maart, 2014). Cognizant heeft een NASDAQ-100 en S&P 500-notering en is verder genoteerd in de Forbes Global 2000 en Fortune 500. De organisatie behoort hiermee tot de best presterende en snelstgroeiende bedrijven in de wereld. Bezoek onze website
www.cognizant.com of volg ons via Twitter: @Cognizant.
Forward-Looking Statements
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Cognizant undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.
BERICHT VOOR DE REDACTIE
Voor meer persinformatie kunt u contact opnemen met:
OCTANE PR
Tel: +31 (0)40 266 1130
E-mail:
cognizantnl@octanepr.com