Dallas, Texas 05/013/2014 (FINANCIALSTRENDS) –Cognizant Technology Solutions Corp (NASDAQ:CTSH) released their first quarter 2014 financial and operational report, and it has nothing but good news for investors. The first quarter revenue and EPS are both higher compared to the previous quarter and year-on-year, and the company hiked its full year guidance too.
Cognizant Technology Solutions First Quarter Report
Cognizant reported first quarter 2014 revenue of $2.42 billion, which is up 19.9% from the $2.02 billion in revenue generated by the company in the same quarter last year. It’s also 2.8% higher than the previous quarter.
The company said GAAP net income for the first quarter 2014 was $348.9 million, or $0.57 per diluted share. This compares quite favorably to the $284.2 million in GAAP net income, or $0.47 per diluted share, which the company reported in the first quarter last year. Non-GAAP diluted earnings per share for the first quarter 2014 was $0.62, again an improvement on the $0.51 EPS reported for the first quarter of 2013.
Statements by Cognizant Technology Solutions Leadership
Cognizant Technology Solutions CEO Francisco D’Souza said that, “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.”
Gordon Coburn, president of Cognizant Technology Solutions, said that, “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,”
Cognizant Second Quarter and Full-Year 2014 Guidance
Cognizant’s guidance for the second quarter 2014 states that they expect revenue to be in the range of $2.50 to $2.53 billion, and non-GAAP diluted EPS is expected to be $0.62. Full-year revenue for 2014 is expected to be at least $10.3 billion, which means it would be 16.5% or more compared to 2013. Full-year non-GAAP diluted EPS for 2014 is expected to be at least $2.54.