Epam Systems ( (EPAM) ) has released its Q3 earnings. Here is a breakdown of the information Epam Systems presented to its investors.
EPAM Systems, Inc., a prominent player in digital transformation and product engineering, offers cutting-edge solutions across various industries, leveraging cloud and AI technologies.
In the third quarter of 2024, EPAM Systems reported a modest year-over-year revenue growth of 1.3% to $1.168 billion, alongside notable increases in both GAAP and non-GAAP earnings per share. The company also raised its full-year revenue and earnings projections, indicating a positive outlook for future performance.
Key financial highlights reveal a GAAP income from operations at 15.2% of revenues, with non-GAAP income from operations at 19.1%. The diluted GAAP earnings per share rose significantly by 43.6% to $2.37, while non-GAAP earnings per share increased by 14.3% to $3.12. These improvements were driven partly by research and development incentives in Poland, though the effective tax rate also increased.
Strategically, EPAM’s acquisition of NEORIS aims to enhance its global delivery capabilities and market reach. The company expects continued revenue contributions from this acquisition, integrating its new resources to better serve its enterprise clients.
Looking forward, EPAM Systems anticipates fourth-quarter revenues to range between $1.205 billion and $1.215 billion, sustaining its growth momentum. The company’s strategic moves and financial projections suggest a continued focus on diversification and market expansion, maintaining a positive trajectory into the next fiscal year.
