Revenue up, earnings flat at Virtusa
Virtusa Corp. of Westborough reported revenue growth of 24 percent in its most recent quarter, but fell slightly short of analysts’ estimate for both profit and sales.
The business consulting and IT outsourcing company reported earnings of 35 cents per share for the quarter ending March 31, the fourth of its 2014 fiscal year. That was the same as 2013 earnings, but below expectations of 36 cents per share.
Year-over-year revenue at Virtusa grew from $89.9 million to $111.1 million, but that too fell just shy of predictions of $111.5 million.
For the full fiscal year, Virtusa’s sales were up $63.7 million to $396.9 million, while profits were $34.4 million, up from $28.4 million.
“We are … pleased with the progress we are making to extend our presence internationally,” Ranjan Kalia, the company’s chief financial officer, said in a statement. “We believe this diversification will continue to be a growth driver.”
Virtusa projected 2015 earnings of $1.44 to $1.60 cents per share on revenue of $468 million to $486 million. Analysts were expecting profits of $1.56 per share on revenue of $476.7 million.
Virtusa stock is down nearly 5 percent to $33.37 today in early trading since the earnings results were announced Monday after the stock market closed for the day.
WBJ Web Partners
Most Recent
Most Recent
0 Comments