Teaneck, New Jersey: US-based Indian IT consultancy Cognizant Technology Solutions has posted strong fourth quarter and full year financial figures.
Revenue for the fourth quarter of 2013 to December 31 rose to $2.355 billion, up 20.9% from $1.948 billion in the fourth quarter of 2012. Net income was up 16.3% to $324.3 million.
In the full year, revenue increased to $8.843 billion, up 20.4% from 2012. Net income was up 17% to $1.23 billion.
"We are pleased to once again deliver industry-leading revenue growth in 2013," said Francisco D'Souza, Chief Executive Officer of Cognizant.
"As we celebrate our 20 year anniversary, I would like to thank our clients who have placed their faith in us, our associates for their wonderful contribution to our growth and success, and our other stakeholders who have played a critical role in our accomplishments. Our strategy through these twenty years has been to challenge the status quo and constantly reinvent for the future, thus positioning us to help our clients build stronger businesses. We believe that we are well positioned to continue to do so in 2014 and beyond."
"Our growth during 2013 was broad-based across our industries, geographies and service lines," said Gordon Coburn, President of Cognizant.
"This strong growth was fueled by our clients' on-going drive to 'run better' for more efficient and productive operations and to 'run different' to create the capabilities and business models they need for future success. Our strong portfolio of services coupled with our focus on new technologies and platform-based delivery models will help clients drive meaningful change as businesses become increasingly technology intensive. We anticipate that the healthy demand environment we witnessed in 2013 will continue into 2014 and we are well positioned to capture it."
Two-for-One Stock Split
The Board of Directors of Cognizant has declared a two-for-one stock split on its Class A common stock in the form of a 100% stock dividend. Stockholders of record as of February 21, 2014 will be entitled to one additional share of Class A common stock for each share held on the record date. The stock dividend distribution is expected to occur on or about March 7, 2014, and it is anticipated that the Company's Class A common stock will begin trading on a post-split basis the business day following the distribution date.
First Quarter & Full Year 2014 Outlook
The Company is providing the following guidance:
- First quarter 2014 revenue anticipated to be at least $2.42 billion.
- Full year 2014 revenue expected to be at least $10.3 billion, up at least 16.5% on 2013.