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Cognizant Sees Profits Double; IT Firm Says Outsourcing Hasn't Hurt Sales.
Byline: Martha McKay
Apr. 21--Cognizant Technology Solutions, the Teaneck-based company that has become a foreign outsourcing juggernaut, reported doubling of quarterly profits Tuesday.
The information technology services company said net income rose to $19.8 million, or 28 cents per share, from $10 million, or 15 cents per share, in the same quarter a year ago.
Sales rocketed 61 percent to $119.7 million, up from $75 million in the same quarter a year ago.
A poll of analysts by Thomson First Call expected 27 cents per share on sales of $116.6 million.
"Cognizant is off to a strong start in 2004, turning in a solid performance across our entire business. Our pipeline of new business continues to remain very strong," said Lakshmi Narayanan, president and CEO of Cognizant, in a conference call with analysts.
U.S. companies sending computer programming work overseas -- a process referred to as offshoring -- has become a hot-button issue in the presidential election, with Democrats voicing criticism of U.S. white-collar jobs moving overseas.
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