August 3, 2012 / 11:00 AM / in 5 years

Epam Systems quarterly profit tops estimates

Aug 3 (Reuters) - Epam Systems Inc reported a second-quarter profit that beat analysts’ estimates, as more customers in the United States and Europe opted to outsource IT services, and forecast current-quarter adjusted profit above expectations.

Epam, which provides IT services focused on software product development, expects third-quarter adjusted profit of 34 cents to 36 cents per share on revenue of $107 million to $109 million.

Analysts on average were expecting adjusted earnings of 33 cents per share on revenue of $108.7 million, according to Thomson Reuters I/B/E/S.

The company, which counts Citigroup, Google Inc and Oracle Corp among its clients, earned $13.3 million, or 29 cents per share.

Excluding items, it earned 37 cents per share.

Revenue rose 10 percent to $103.8 million.

Analysts had expected earnings of 31 cents per share, on revenue of $101.8 million.

Shares of the company, which went public in February, closed at $15.70 on the Nasdaq on Thursday.

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