Cognizant Technology Solutions Topped Q4 Estimates, Issued 2011 Guidance

Cognizant Technology Solutions (NASDAQ:CTSH) reported Q4 EPS of $0.70, ex-items, ahead of consensus estimates of $0.65 per share. Revenues for the quarter rose 45% year-over-year to $1.31 billion, topping consensus estimates of $1.28 billion.

The company sees 2011 EPS of $2.85, vs. consensus estimates of $2.70 per share, on revenues of at least $5.79 billion, vs. consensus estimates of $5.74 billion.

Francisco D'Souza, President and Chief Executive Officer of Cognizant said, "We are pleased with how quickly our business rebounded during 2010 - a validation of our strategy of continuing to invest through the downturn, 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."

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