Cognizant Q3 Tops Ests; Maintains Full Year Guidan

Congizant (CTSH) this morning posted better-than-expected Q3 results.

For the quarter, the IT outsourcing company posted revenue of $734.7 million and GAAP profits of 38 cents a share; that beat the Street consensus at $722.6 million and 37 cents.

Cognizant sees Q4 revenue of at least $746.7 million and profits of at least 38 cents a share; the Street has been looking for $751 million and 38 cents. For the full year, the company still sees revenue of at least $2.81 billion and GAAP profits of at least $1.45 a share. The Street consensus has been $2.8 billion and $1.44.

The company said the guidance excludes any Q4 foreign exchange gains or losses.

Reuters notes that the company on its post-earnings conference call said that it is seeing some projects get pushed out beyond the fourth quarter due to the softer economy.

CTSH today is down 24 cents, or 1.1%, to $20.76.