Cognizant Revenue Up 45%, Beats Estimates (CTSH)

Teaneck, New Jersey-based Cognizant Technology Solutions Corp. CTSH on Monday morning released financial results that beat Wall Street expectations. Cognizant Technology Solutions Corporation reported that its 4th quarter net income climbed to $206.2 million, or 66 cents per share, up from $144.0 million, or 47 cents per share, a year earlier. Excluding special items, the company earned 70 cents per share. Cognizant Technology Solutions reported revenue of $1.31 billion, 45.2% from $902.7 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 65 cents per share, on revenue of $1.28 billion. Cognizant Technology Solutions Corp. (CTSH) ended the previous trading session at $75.42 per share. Analysts covering the company's stock have a consensus price target of $77.50 per share. President and Chief Executive Officer Francisco D'Souza said, "As our clients continue to recover from the recent economic turmoil, it's clear that our industry stands at yet another inflection point. Clients increasingly turn to us as they look to outsource a broader range of services and simultaneously address the secular and technological shifts impacting their industries. We believe that these trends, and our resilience in meeting them, should provide strong support for growth as we enter 2011." Cognizant Technology Solutions is a leading provider of information technology, consulting, and business process outsourcing services. Read more from Benzinga's Company news.