EPAM Reports Results for First Quarter 2019
EPAM Systems, Inc. (NYSE: EPAM), a leading global provider of digital platform engineering and software development services, announced results for its first quarter.
First Quarter 2019 Highlights:
- Revenues increased to $521.3 million, a year-over-year increase of $97.2 million, or 22.9%, and on a constant currency basis, revenues were up 26.3% over the corresponding period last year;
- GAAP income from operations was $64.7 million, an increase of $16.0 million, or 32.8%, compared to $48.7 million in the first quarter of 2018;
- Non-GAAP income from operations was $89.2 million, an increase of $21.5 million, or 31.8%, compared to $67.7 million in the first quarter of 2018;
- Diluted earnings per share (“EPS”) on a GAAP basis was $1.06, a decrease of $0.09, or 7.8%, compared to $1.15 in the first quarter of 2018 based on a weighted average share count of 57.2 million fully diluted shares outstanding. In the first quarter of 2018, GAAP EPS benefited from a net $22.5 million one-time income tax benefit related to U.S. tax reform;
- Non-GAAP diluted EPS was $1.25, an increase of $0.32, or 34.4%, compared to $0.93 in the first quarter of 2018.