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NEWTOWN, Pa. – EPAM Programs, Inc. (NYSE:EPAM) reported second quarter earnings and income that topped analyst estimates, whereas narrowing its full-year steering. EPAM shares had been buying and selling flat in Thursday’s premarket session following the announcement.
The digital transformation companies supplier posted adjusted earnings per share of $2.45, exceeding the consensus forecast of $2.26. Income got here in at $1.15 billion, barely above expectations of $1.14 billion however down 2% year-over-year.
“With ongoing publicity to a difficult macro-demand setting, EPAM’s strong efficiency highlights the Firm’s capability to adapt and optimize operations, whereas persevering with to strengthen its choices and consumer worth propositions,” stated CEO Arkadiy Dobkin.
For the third quarter, EPAM initiatives income between $1.15-$1.16 billion and adjusted EPS of $2.65-$2.73. The corporate narrowed its full-year 2024 income outlook to $4.59-$4.63 billion, in comparison with its earlier forecast of $4.65-$4.80 billion. Full-year adjusted EPS steering was up to date to $10.20-$10.40.
EPAM additionally introduced a brand new $500 million share repurchase program approved by its Board of Administrators.
The corporate’s working margin contracted to 10.5% in Q2 from 12.3% a 12 months in the past, reflecting ongoing macro headwinds. Nevertheless, EPAM maintained its deal with operational effectivity and strategic capabilities like GenAI to place itself for future development.
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