(Source: Record, The; Bergen County, N.J.)
Cognizant Technology Solutions Corp. reported a 17 percent increase in net income for the fourth quarter Friday, with earnings per share of 38 cents.
The IT-outsourcing company reported earnings rose to $112.3 million, or 38 cents a share, from $96.3 million, or 32 cents, in the same quarter a year earlier. Fourth-quarter revenue increased 2.5 percent to $753 million from $734.7 million in 2007, the company said.
Francisco D'Souza, president and chief executive officer of Cognizant, said the results, which exceeded guidance, "demonstrate that even in the face of significant economic headwinds, clients turn to Cognizant as a trusted adviser to help them improve business performance and tap into new growth opportunities."
The company reported full-year earnings per share climbed 25 percent to $1.44 from $1.15. Earnings gained 23 percent to $430.8 million in 2008 from $350.1 million the previous year, the company said.
Revenue rose to $2.82 billion from $2.14 billion.
The company said it expects first-quarter earnings a share to be 37 cents to 38 cents and first-quarter revenue is anticipated to be at least $735 million. Cognizant is forecasting full-year earnings per share to be $1.54 on revenue of $3.1 billion.
Hugh R. Morley
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