UPDATE: Cognizant Beats Q4 Estimates

reported stronger-than-expected results for the fourth quarter. The Teaneck, New Jersey-based company posted quarterly net income of $362.9 million, or $0.59 per share, compared to $324.3 million, or $0.53 per share, in the year-ago period. Excluding items, Cognizant earned $0.67 per share. Its revenue climbed to $2.74 billion from $2.36 billion. However, analysts were projecting a profit of $0.65 per share on revenue of $2.66 billion. Revenue in North America gained 17.4%, while revenue in Europe surged 10.7%. GAAP operating margin came in at 17.5%, while non-GAAP operating margin was 19.4% for the quarter. "Despite unfavorable European currency movements during the fourth quarter, we finished 2014 with strong revenue performance and believe we are well positioned to continue that momentum into 2015 on the strength of our integrated consulting, technology, digital and business services capabilities," said Francisco D'Souza, Chief Executive Officer of Cognizant. For 2015, Cognizant projects non-GAAP earnings to be at least $2.91 per share, on revenue of at least $12.21 billion. For the first quarter, Cognizant expects non-GAAP earnings to be at least $0.69 per share, on revenue to be at least $2.88 billion. Cognizant shares gained 1.63% to $56.00 in pre-market trading.