Strong revenue, profit gains for Virtusa
Business consulting and technology outsourcing company Virtusa of Westborough on Tuesday reported double-digit percentage gains in revenue and net income for the first quarter of its 2015 fiscal year.
Virtusa said it took in $112.3 million in revenue for the quarter, which ended June 30. That represented a jump of 24 percent over the $90.5 million it posted in the same quarter last year.
Meanwhile, its net income for the quarter, $9 million (31 cents per diluted share), was 20 percent higher than the $7.52 million (29 cents) from the first quarter of the 2014 fiscal cycle.
The gain in income from operations was even higher, 26 percent, from $8.9 million last year to $11.2 million this year.
The company attributed the results to more global diversification of its client base. The company also cited investments in sales and marketing, business development and more hires “to position ourselves to capture the large market opportunity we see for our differentiated solutions,” CFO Ranjan Kalla said in a statement.
Virtusa said it expects second-quarter revenue of between $116 million and $118 million, with diluted earnings per share between 33 and 35 cents. For the fiscal year, which ends March 2015, it forecast a revenue range of $474 million to $486 million, and earnings per share between $1.46 and $1.58.
WBJ Web Partners
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