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Virtusa Q4 profit beats Wall Street estimates

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CIOL Bureau
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CALIFORNIA: Information technology services company, Virtusa Corp , posted a quarterly profit that was higher than expectations on the backdrop of an improved business environment, but its first-quarter earnings outlook range mostly trailed Wall Street's view.

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The company expects a first-quarter profit of 10 cents to 14 cents a share, mainly trailing the analysts' average estimate of 14 cents a share.

It forecast revenue of $49.8 million to $52.3 million, topping market expectations of $48.1 million.

"In fiscal year 2011, we expect top line and earnings per share growth, even after absorbing the significant impact of acquisition-related amortization," Chief Financial Officer Ranjan Kalia said.

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For the fourth quarter ended March 31, Virtusa earned $3.6 million, or 15 cents a share, flat compared with the year-ago period.

Revenue rose 15 percent to $47.8 million.

Analysts' on average expected it to earn 13 cents a share on revenue of $47.9 million.

Virtusa shares closed at $9.93 Wednesday on Nasdaq.

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