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Virtusa profit misses consensus by 40.2% in fiscal Q3

Virtusa Corp. said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, came to 33 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS fell year over year from 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $9.9 million, a decrease from $10.0 million in the prior-year period.

The normalized profit margin fell to 6.6% from 8.1% in the year-earlier period.

Total revenue increased 22.4% on an annual basis to $150.6 million from $123.0 million, and total operating expenses increased 25.9% from the prior-year period to $136.4 million from $108.3 million.

Reported net income decreased from the prior-year period to $11.4 million, or 38 cents per share, from $11.9 million, or 40 cents per share.