WASHINGTON (dpa-AFX) - (Adds Outlook)
EPAM Systems, Inc. (EPAM) now expects full year 2024 GAAP EPS be in the range of $7.78 to $7.86 and non-GAAP EPS in the range of $10.73 to $10.81. The company now expects revenues to be $4.685 billion to $4.695 billion for the full year reflecting flat year-over-year growth at the midpoint of the range. The company now expects revenues on an organic constant currency basis excluding the impact of the exit from Russia will decline 2.3% at the midpoint of the range. In August, the company projected full year revenues in a range of $4.590 billion to $4.625 billion, GAAP EPS in the range of $7.18 to $7.38 and non-GAAP EPS in the range of $10.20 to $10.40.
EPAM expects fourth quarter GAAP EPS will be in the range of $1.73 to $1.81, and non-GAAP EPS in the range of $2.70 to $2.78. The company expects revenues will be in the range of $1.205 billion to $1.215 billion for the fourth quarter reflecting year-over-year growth of 4.6% at the midpoint of the range. The company expects that revenues on an organic constant currency basis excluding the impact of the exit from Russia will decline 1.5% at the midpoint of the range.
Q3 Results:
The company's bottom line totaled $136.35 million, compared with $97.20 million, a year ago. Earnings per share on a GAAP basis was $2.37, an increase of 43.6%, compared to $1.65 in the third quarter of 2023. Non-GAAP EPS was $3.12, an increase of 14.3%, compared to $2.73 in the third quarter of 2023. Analysts on average had expected the company to earn $2.70 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Revenues increased to $1.168 billion, a year-over-year increase of 1.3%. On an organic constant currency basis excluding the impact of the exit from Russia, revenues were down 0.3% compared to the third quarter of 2023.
Shares of EPAM Systems are up 9% in pre-market trade on Thursday.
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