Cognizant Q4 profit jumps 18 %

Cognizant Technology Solutions Corp reported a fourth-quarter profit that beat Wall Street estimates, as revenue jumped 27 percent, and the IT services provider forecast a strong 2012.

Separately, the company said it promoted Karen McLoughlin as chief financial officer, replacing Gordon Coburn. McLoughlin joined Cognizant in 2003 and most recently served as a senior vice president. Coburn has been promoted as president.

Cognizant projected 2012 adjusted earnings of at least $3.69 per share, excluding options expenses, on revenue of at least $7.53 billion.

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Analysts polled by Thomson Reuters I/B/E/S were expecting the company to earn $3.62 a share, excluding options expense, on sales of $7.48 billion for the full year.

Fourth-quarter net income rose to $240.1 million, or 78 cents a share, from $206.2 million, or 66 cents a share, last year.

The company, which has never posted earnings below Wall Street estimates in at least nine quarters now, earned 84 cents a share, excluding items - higher than analysts estimate of 82 cents a share.

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Revenue came in at $1.66 billion, missing analysts' expectation for the second time in a year.

Shares of the company, which have gained more than 30 percent in value since touching a year-low of $53.54 in August, closed at $72.01 on Tuesday on the Nasdaq.