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Topics  Technology  /  AP

Cognizant 4Q profit rises 16 pct on higher revenue

By AP  | February 08, 2012
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TEANECK, N.J. (AP) — Information-technology consultant Cognizant Technology Solutions Corp. said Wednesday that its fourth-quarter profit jumped 16 percent, boosted by a 30 percent jump in revenue.

The Teaneck, N.J., company's adjusted earnings topped Wall Street estimates, but its revenue was slightly short of projections. Its shares rose 10 cents to $72.10 in morning trading.

The company reported net income of $240.1 million, or 78 cents per share, for the three months ended Dec. 31, up from $206.2 million, or 66 cents per share, a year earlier.

Excluding stock-option expenses, Cognizant said its adjusted earnings were 84 cents per share. Analysts, on average, expected 82 cents per share, according to a FactSet poll.

Revenue soared to $1.66 billion from $1.31 billion. Analysts expected $1.67 billion in revenue.

For the full year 2011, Cognizant reported net income of $883.6 million, or $2.85 per share, up from $733.5 million, or $2.37 per share, in 2010. Revenue rose to $6.12 billion from $4.59 billion.

Cognizant said it expects to post a first-quarter profit of 79 cents per share on revenue of $1.7 billion. Analysts polled by FactSet expect a profit of 79 cents per share on $1.73 billion in sales.

For the full year 2012, the company said it expects a profit of $3.43 per share on revenue of at least $7.53 billion. Analysts expect a full-year profit of $3.43 per share on $7.49 billion in revenue.

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