Cognizant 1Q Profit Up 11%; Gives Solid 2Q View

The information technology and consulting company said earnings climbed 11 percent to $113.1 million, or 38 cents per share, from $101.9 million, or 34 cents per share, in the year-earlier quarter.

Adjusted to exclude one-time stock-based compensation and tax costs, the company's profit came to 41 cents per share. Analysts, who typically exclude special items, expected 37 cents per share, according to a Thomson Reuters poll.

Sales also beat out expectations, up 16 percent to $745.9 million, compared with the average estimate of $734.3 million. The company said economic uncertainty has bolstered demand for consulting "as our clients face fundamental structural changes within their industries."