Virtusa: Fiscal 2Q Earnings Snapshot

Associated Press |

SOUTHBOROUGH, Mass. (AP) _ Virtusa Corp. (VRTU) on Thursday reported fiscal second-quarter net income of $1.5 million.

On a per-share basis, the Southborough, Massachusetts-based company said it had profit of 1 cent. Earnings, adjusted for one-time gains and costs, came to 54 cents per share.

The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The provider of information technology services posted revenue of $305.5 million in the period, which also fell short of Street forecasts. Five analysts surveyed by Zacks expected $306.5 million.

For the current quarter ending in January, Virtusa expects its per-share earnings to range from 56 cents to 62 cents.

The company said it expects revenue in the range of $308 million to $316 million for the fiscal third quarter.

Virtusa expects full-year earnings in the range of $2.19 to $2.31 per share, with revenue ranging from $1.24 billion to $1.26 billion.

Virtusa shares have increased 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $49.55, a rise of 13 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VRTU at https://www.zacks.com/ap/VRTU

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