In a story about the financial results of Epam Systems Inc., The Associated Press reported erroneously, in a report generated by Automated Insights using data from Zacks Investment Research, that the company's adjusted earnings missed Wall Street expectations. The company beat Wall Street expectations.
A corrected version of the story is below:
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Epam beats 4Q profit forecasts
Epam beats 4Q earnings expectations, tops revenue forecasts
NEWTOWN, Pa. (AP) — Epam Systems Inc. (EPAM) on Wednesday reported fourth-quarter net income of $18.4 million.
The Newtown, Pennsylvania-based company said it had profit of 37 cents per share. Earnings, adjusted for one-time gains and costs, came to 62 cents per share.
The results beat Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.
The information technology services provider posted revenue of $202.2 million in the period, beating Street forecasts. Analysts expected $201.2 million, according to Zacks.
For the year, the company reported profit of $69.6 million, or $1.40 per share. Revenue was reported as $730 million.
For the current quarter ending in March, Epam expects its per-share earnings to range from 54 cents to 55 cents.
The company said it expects revenue in the range of $196 million to $198 million for the fiscal first quarter.
Epam shares have climbed 21 percent since the beginning of the year. The stock has risen 35 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EPAM at http://www.zacks.com/ap/EPAM
Keywords: Epam, Earnings Report