Virtusa reports revenue of $314.7 million with YoY growth of 19.3%

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Corporation revenue for the third quarter fiscal 2019, ended December 31, 2018 was $314.7 million, an increase of 3.0% sequentially and 19.3% year-over-year. On a constant currency basis, third quarter revenue increased 3.3% sequentially and 20.1% year-over-year. Virtusa reported sales of $263.81 million during the same quarter last year, which indicates a positive year-over-year growth rate of 19.3%.

Virtusa reported GAAP income from operations of $19.3 million for the third quarter of fiscal 2019, compared to $14.0 million for the second quarter of fiscal 2019 and $13.7 million for the third quarter of fiscal 2018. The company ended the third quarter of fiscal 2019 with $253.1 million of cash. Cash provided by operating activities was $36.5 million for the third quarter of fiscal 2019.

“We generated revenue growth across all of our industry groups, driven by our digital and non-digital engineering solutions, which continue to grow at a strong pace,” said Kris Canekeratne, Virtusa’s Chairman and CEO in a conference call with analyst.

While the company expects the fourth quarter fiscal 2019 revenue to be in the range of $326 to $334 million, the fiscal year 2019 revenue is expected to be in the range of $1,246 to $1,254 million.

“Our unique ability to enable deep digital transformation at some of the world’s largest enterprises continues to elevate our position as the digital engineering partner of choice. In addition, our investments in developing the best talent and expanding our digital solutions and capabilities are enabling us to remain a step ahead of emerging technologies and increase the value we deliver to our clients. Our consistently solid financial results through the first three quarters of fiscal 2019 are a testament to our strategy and competitive advantage,” stated Canekeratne.

The company insiders own 5.11% of the Virtusa stock. Last month, CEO Kris A. Canekeratne sold 10,000 shares of the firm’s stock. The shares were sold at an average price of $46.85, for a total transaction of $468,500.00. Following the sale, the chief executive officer now directly owns 661,387 shares in the company, valued at approximately $30,985,980.95. The sale was disclosed in a filing with the Securities & Exchange Commission. In the last three months, insiders have sold 47,480 shares of company stock worth $2,032,622.

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