Archive for August, 2016

Luxoft announced financial results for three months ended June 30

Monday, August 15th, 2016

Luxoft Holding, Inc, the BVI company providing software development services and innovative IT solutions, announced financial results for the three months ended June 30, 2016. During the reported period, company’s US GAAP revenue amounted to US$178.0 mln, adjusted earnings before interest, taxes, depreciation and amortization was US$29.6mln, and EBITDA margin was 16.6 per cent.

Non-GAAP net income was US$21.0 mln, a year-over-year increase of 1.9 per cent. Diluted earnings per share was US$0.62, as compared to US$0.61 in the same quarter of the previous year. Luxoft’s revenue increased to US$178.0 mln for the three months ended June 30, 2016, from US$148.1 mln in the same period last year.

Also, Luxoft reiterated its original outlook for the financial year ended March 31, 2017. Revenue is expected to be at least US$781 mln, a year over year increase of at least 20 per cent. Adjusted EBITDA margin is expected in between 17 and 19 per cent. Diluted earnings per share is expected to be at least US$2.10 on a US GAAP basis and at least US$2.85 on a non-GAAP basis.

Dmitry Loschinin, Luxoft’s CEO and President, said in his comments on the results: “We expect that this year will be transformational for Luxoft, when we expand into new verticals and geographies and solidify our existing core verticals and global sales efforts. We believe that the short-term uncertainty driven by Brexit will spur us to make changes that will increase the resilience of our business and help us capitalize on numerous opportunities resulting from the migration of enterprise operations globally and massive regulatory changes around the world.”