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Virtusa: Fiscal 1Q Earnings Snapshot

SOUTHBOROUGH, Mass. (AP) _ Virtusa Corp. (VRTU) on Thursday reported fiscal first-quarter net income of $5.8 million, after reporting a loss in the same period a year earlier.

The Southborough, Massachusetts-based company said it had net income of 15 cents per share. Earnings, adjusted for one-time gains and costs, were 41 cents per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.

The provider of information technology services posted revenue of $319 million in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $317.4 million.

For the current quarter ending in October, Virtusa expects its per-share earnings to range from 49 cents to 55 cents.

The company said it expects revenue in the range of $323 million to $331 million for the fiscal second quarter.

Virtusa expects full-year earnings in the range of $2.45 to $2.65 per share, with revenue ranging from $1.33 billion to $1.35 billion.

Virtusa shares have climbed slightly more than 2% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $43.59, a decline of 18% 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