Key Developments For Cognizant Technology Solutions Corp
Cognizant Technology Solutions Corp (CTSH.O) (Nasdaq)
Cognizant Technology Solutions Corp. Issues Q4 2009 Guidance Above Analysts' Estimates; Raises FY 2009 Outlook
Cognizant Technology Solutions Corp. announced that for fourth quarter of 2009, it expects revenue to be at least $880 million, EPS of to be $0.45 on a GAAP basis and $0.49 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense. The Company also announced that for fiscal 2009 it has raised its guidance, it now expects revenue of to be at least $3.255 billion, up at least 15.5% compared to fiscal 2008 and diluted EPS expected to be $1.75 on a GAAP basis, and $1.88 on a non-GAAP basis, which excludes $0.13 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense. According to Reuters Estimates, analysts were expecting the Company to report revenue of $829 million, GAAP EPS of $0.42, non GAAP EPS of $0.42 for fourth quarter of 2009 and revenue of $3.163 billion, GAAP EPS of $1.69, non GAAP EPS of 1.68 for fiscal 2009.
Cognizant Technology Solutions Corp. Acquires UBS India Service Center, Enters Multi-Year Services Agreement With UBS
Cognizant Technology Solutions Corp. announced a definitive agreement to acquire UBS India Service Centre Private Limited (UBS ISC), the Hyderabad, India-based captive service provider to the UBS Group. As part of the transaction, UBS and Cognizant have entered into a multi-year services agreement under which Cognizant will provide a range of business process outsourcing (BPO), knowledge process outsourcing (KPO), IT, and remote infrastructure management services to UBS divisions around the globe to enable them to reduce time-to-market, expand service delivery, and enhance productivity, operational efficiency, and quality. The transaction is expected to close around the end of 2009. Financial terms were not disclosed.
Cognizant Technology Solutions Corp. Helps ELEXON Strengthen its Capability to Deliver Settlement of Electricity Trading in Great Britain
Cognizant Technology Solutions Corp. announced that it has been selected by ELEXON, the Balancing and Settlement Code (BSC) Company, to help it deliver the settlement of electricity trading for Great Britain, while improving its current services, rationalizing costs, and strengthening its capability to meet the future BSC requirements of the industry. As part of the five-year engagement, Cognizant will provide a broad spectrum of strategic development, application management and support services to enable ELEXON to present the industry with clear options on the evolution of Balancing and Settlement Code systems, and add value to the services it offers in managing the settlement of electricity costs between suppliers, generators and other parties involved in the industry.
Cognizant Technology Solutions Corp. Acquires Pepperweed Advisor
Cognizant Technology Solutions Corp. announced the acquisition of substantially all of the assets of Pepperweed Advisors, the IT consulting services division of Pepperweed Consulting. Terms of the transaction were not disclosed.
Cognizant Technology Solutions Corp. Issues Q3 2009 Outlook Above Analysts' Estimates; Raises FY 2009 Outlook
Cognizant Technology Solutions Corp. announced that for third quarter of 2009, it expects revenue to be at least $800 million, diluted earnings per share (EPS) is expected to be $0.40 on a GAAP basis and $0.44 on a non-GAAP basis, which excludes $0.04 of estimated stock-based compensation expense. It raised fiscal 2009 outlook and expects revenue to be at least $3.14 billion, diluted EPS expected to be at least $1.66 on a GAAP basis, and at least $1.80 on a non-GAAP basis, which excludes $0.14 of estimated stock-based compensation and stock-based Indian fringe benefit tax expense. According to Reuters Estimates, analysts were expecting the Company to report revenues of $784 million and non-GAAP EPS of $0.39 for third quarter of 2009 and revenues of $3.10 billion and non-GAAP EPS of $1.54 for the same period.
