(By Balachander) Cognizant Technology Solutions Corp. (NASDAQ: CTSH) posted a jump in quarterly earnings on a double-digit growth in revenue and the IT services provider offered guidance that came in above market expectations.
The Teaneck, New Jersey-based company expects non-GAAP earnings per share (EPS) of $1.01 for the first quarter on revenue of at least $2.0 billion.
Wall Street analysts, on average, expect EPS of 93 cents on revenue of $2.00 billion.
For the full year 2013, Cognizant forecasts EPS expected to be at least $3.95 on a GAAP basis, and $4.31 on a non-GAAP basis, on revenue to be at least $8.60 billion.
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Analysts expect EPS of $4.00 on revenue of $8.58 billion.
Meanwhile, CTSH reported fourth-quarter non-GAAP EPS of 99 cents from 84 cents in the year-ago period, while analysts' expected 91 cents. Net income increased 16 percent to $278.8 million. Revenue jumped 17 percent to $1.95 billion, in line with consensus estimates.
For 2012, the company earned $3.70 on a non-GAAP basis on revenue of $7.35 billion.
CTSH ended Wednesday's regular trading session at $76.27. The stock has been trading in the 52-week range between $53.92 and $79.54.