Cognizant Technology Solutions Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $2,020,738,000 compared to $1,711,349,000 a year ago. Income from operations was $365,907,000 against $317,899,000 a year ago. Income before provision for income taxes was $377,183,000 compared to $322,277,000 a year ago. Net income was $284,209,000 or $0.93 per diluted share compared to $243,651,000 or $0.79 per diluted share a year ago. On non-GAAP basis, income from operations was $365,907,000 compared to $317,899,000 a year ago. On non-GAAP basis, diluted earnings per share were $1.02 compared to $0.88 a year ago. Operating activities generated approximately $73.5 million of cash. The company spent approximately $72.2 million for capital expenditures during the quarter. The company provided earnings guidance for the second quarter and full year of 2013. For the second quarter, revenue anticipated to be at least $2.13 billion. Diluted EPS expected to be $0.97 on a GAAP basis and $1.06 on a non-GAAP basis. Tax rate is expected at approximately 25.5%. For the full year 2013, revenue is expected to be at least $8.60 billion, up at least 17% compared to 2012. Diluted EPS expected to be at least $3.95 on a GAAP basis, and $4.31 on a non-GAAP basis. EPS guidance excludes any future non-operating foreign currency exchange gain or loss. The company continues to expect capital expenditures to total approximately $400 million. Tax rate is expected at approximately 25.3%.

On May 8, 2013, the Board of Directors of the Cognizant Technology Solutions Corporation appointed Sridhar Thiruvengadam, age 49, to the role of Chief Operating Officer of the Company. Mr. Thiruvengadam was previously an Executive Vice President of the company leading the global delivery operations for several of the Company's industry verticals, and head of the company's Business Process Services (BPS).

Cognizant Technology Solutions Corporation Presents at Sanford. C. Bernstein 10th Annual IT Services Conference, May-09-2013 01:30 PM.