NEW YORK - EPAM Systems (NYSE:EPAM) reported third-quarter earnings and revenue that surpassed analyst expectations, while also raising its full-year guidance above consensus estimates. The company's stock jumped 6% premarket Thursday following the announcement.
The digital engineering and IT services provider posted adjusted earnings per share of $3.12, beating the analyst consensus of $2.70 by $0.42. Revenue for the quarter came in at $1.17 billion, slightly ahead of the $1.15 billion analysts had projected.
EPAM's third-quarter revenue increased 1.3% year-over-year, while on an organic constant currency basis excluding the impact of its exit from Russia, revenue declined 0.3%.
For the full year 2024, EPAM raised its outlook, now expecting adjusted EPS between $10.73 and $10.81, up from its previous forecast and above the $10.30 consensus. The company also increased its full-year revenue guidance to a range of $4.685 billion to $4.695 billion, surpassing analyst estimates of $4.616 billion.
"We are pleased with our strong third-quarter results and the ongoing improvement across our business," said Arkadiy Dobkin, CEO & President at EPAM. "We continue to help our clients adapt and modernize their businesses, including deploying world-class solutions enabled by GenAI."
The company's operating margin expanded to 19.1% on a non-GAAP basis, up from 17.0% in the same quarter last year. EPAM also noted that it completed the acquisition of NEORIS, a global technology consultancy, on November 1st.
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