Cognizant reports Q3 2011 Results
Cognizant Technology Solutions Corporation has announced its third quarter 2011 financial results. Revenue for the third quarter of 2011 rose to $1.601 billion, up 31.6% from $1.217 billion in the third quarter of 2010. GAAP net income was $227.1 million, or $0.73 per diluted share, compared to $203.7 million, or $0.66 per diluted share, in the third quarter of 2010. Diluted earnings per share on a non-GAAP basis were $0.80. GAAP operating margin for the quarter was 18.3%. Excluding stock-based compensation expense of $24.5 million, non-GAAP operating margin was 19.8%, within the Company's targeted 19-20% range. Reconciliations of non-GAAP financial measures to GAAP operating results and diluted EPS are included at the end of this release.
"Cognizant has delivered another strong quarter of industry leading revenue growth with non-GAAP operating margins within our target range. Growth during the quarter was again broad-based across our portfolio of industries, services and geographies. In spite of persistent macro-economic uncertainties, clients throughout the world continue to invest thoughtfully and strategically in their businesses and are directing investments toward building agility to drive the dual mandates of operational efficiency and business transformation. Cognizant's continued investments across multiple service horizons help address these dual mandates and drive superior business value regardless of the economic environment," said Francisco D'Souza, President & CEO.
Cognizant will host a conference call November 2, 2011 at 8:00 a.m. (Eastern) to discuss the Company's third quarter 2011 results. The conference call will also be available live via the Internet by accessing the Cognizant.
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