Software provider EPAM raises annual forecasts, announces CEO change
May 8 (Reuters) - EPAM Systems (EPAM.N), opens new tab raised its annual revenue and profit forecasts on Thursday, helped by steady enterprise demand for its IT consulting services, sending its shares up around 10% in premarket trading.
The company also said its founder and CEO Arkadiy Dobkin will transition to executive chairman on September 1, and revenue chief Balazs Fejes will take over as chief executive.
EPAM's broad portfolio of consulting services helped it navigate a tough spending environment as enterprises pull back on non-essential tech projects.
Larger rivals such as Accenture (ACN.N), opens new tab and IBM (IBM.N), opens new tab have been hit by federal deal cancellations as President Donald Trump's administration tries to curb government spending.
The Newtown, Pennsylvania-based EPAM expects 2025 revenue growth in the range of 11.5% to 14.5%, up from the previous range of 10% to 14%.
EPAM expects full-year adjusted earnings per share in the range of $10.70 to $10.95, compared with its prior forecast of $10.45 to $10.75.
The company reported first-quarter revenue of $1.30 billion, beating estimates of $1.28 billion, according to data compiled by LSEG.
It posted an adjusted profit per share of $2.41 for the three months ended March 31, compared with estimates of $2.27 per share.
The company also forecast second-quarter revenue and adjusted profit per share above estimates.
EPAM had bought FD Technologies' consulting unit in late 2024, in a bid to strengthen its presence in artificial intelligence-driven financial services.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Scotsman
9 minutes ago
- Scotsman
Record savings pour in for Scotland's public sector
Water firm's long-standing partnership continues to deliver millions in benefits Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scotland's public sector has saved over £3million in water costs in the past financial year. The significant savings have been delivered within the first year of a renewed framework partnership with one of the UK's leading water retailers, which continues to help major organisations including the NHS, Police Scotland and local authorities. Advertisement Hide Ad Advertisement Hide Ad Edinburgh-based water retailer, Business Stream, has confirmed the £3million savings milestone as part of its ongoing delivery under the Scottish Government's Water and Waste Water Services Framework, a contract worth in excess of £240million. Business Stream chief Executive, Jo Dow Under the previous four-year framework contract (2020-2024) with Business Stream, Scotland's public sector saved over £8.9million, and delivered a 4.6million reduction in cubic metres of water and reduced carbon emissions through a raft of leak detection and water efficiency services. Jo Dow, Chief Executive of Business Stream, said: 'We're committed to working in partnership with Scotland's public sector to deliver long-term, sustainable savings. By providing value-added services with a key focus on water efficiency, we're continuing to drive down costs and support the sector to achieve their environmental targets.' The water retailer's focus on value-added services has helped public sector bodies embrace a more environmentally conscious approach to resource use. Through a combination of smart monitoring, tailored water efficiency planning and a rapid response to identify and repair leaks, in the past year Business Stream has supported reductions in energy consumption equating to more than 530 tonnes of CO₂e. Advertisement Hide Ad Advertisement Hide Ad A Scottish Government spokesperson said: 'Business Stream has continued to deliver financial and environmental benefits to the public sector in Scotland by identifying water-saving opportunities, reducing emissions, and delivering financial saving. These savings not only reduce costs but also contribute to the sector's net zero agenda.' The savings come in the wake of Business Stream's decision to double its annual Water Efficiency Fund to £100,000 – a move designed to further support public sector organisations to make environmental upgrades. Established in 2020, the annual fund supports a diverse range of water saving projects, from conservation audits to infrastructure upgrades in schools, museums, hospitals and local authority facilities across Scotland. Projects delivered in recent months include improved plumbing systems in NHS facilities, smart monitoring devices for local councils, and targeted audits across National Museums Scotland.
Scotsman
9 minutes ago
- Scotsman
Record savings pour in for Scotland's public sector
Water firm's long-standing partnership continues to deliver millions in benefits Sign up to our daily newsletter Sign up Thank you for signing up! Did you know with a Digital Subscription to Edinburgh News, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scotland's public sector has saved over £3million in water costs in the past financial year. The significant savings have been delivered within the first year of a renewed framework partnership with one of the UK's leading water retailers, which continues to help major organisations including the NHS, Police Scotland and local authorities. Advertisement Hide Ad Advertisement Hide Ad Edinburgh-based water retailer, Business Stream, has confirmed the £3million savings milestone as part of its ongoing delivery under the Scottish Government's Water and Waste Water Services Framework, a contract worth in excess of £240million. Business Stream, Chief Executive Jo Dow Under the previous four-year framework contract (2020-2024) with Business Stream, Scotland's public sector saved over £8.9million, and delivered a 4.6million reduction in cubic metres of water and reduced carbon emissions through a raft of leak detection and water efficiency services. Jo Dow, Chief Executive of Business Stream, said: 'We're committed to working in partnership with Scotland's public sector to deliver long-term, sustainable savings. By providing value-added services with a key focus on water efficiency, we're continuing to drive down costs and support the sector to achieve their environmental targets.' The water retailer's focus on value-added services has helped public sector bodies embrace a more environmentally conscious approach to resource use. Through a combination of smart monitoring, tailored water efficiency planning and a rapid response to identify and repair leaks, in the past year Business Stream has supported reductions in energy consumption equating to more than 530 tonnes of CO₂e. Advertisement Hide Ad Advertisement Hide Ad A Scottish Government spokesperson said: 'Business Stream has continued to deliver financial and environmental benefits to the public sector in Scotland by identifying water-saving opportunities, reducing emissions, and delivering financial saving. These savings not only reduce costs but also contribute to the sector's net zero agenda.' The savings come in the wake of Business Stream's decision to double its annual Water Efficiency Fund to £100,000 – a move designed to further support public sector organisations to make environmental upgrades. Established in 2020, the annual fund supports a diverse range of water saving projects, from conservation audits to infrastructure upgrades in schools, museums, hospitals and local authority facilities across Scotland. Projects delivered in recent months include improved plumbing systems in NHS facilities, smart monitoring devices for local councils, and targeted audits across National Museums Scotland. The Water Efficiency Fund is just one of a wide range of initiatives introduced by Business Stream since launching its vision to Make a Positive Difference (MAPD) in 2019 – a purpose-led approach to delivering positive impact for its customers, people, the environment and its local communities.
Reuters
10 minutes ago
- Reuters
Renewable energy firm EDPR sticking to US plans despite tax credit cuts
LISBON, June 17 (Reuters) - EDP Renovaveis ( opens new tab, the world's fourth-largest wind energy producer, will stick to its goal of installing up to 1.75 gigawatts of new capacity in the U.S. by the end of 2026 even if tax credits for renewables are phased out, its CEO said. The Republican-controlled U.S. House of Representatives approved a budget reconciliation bill last month, which weakens clean-energy tax credits included in the 2022 Inflation Reduction Act. Though the Senate could still amend the bill, in its current form it would abruptly terminate several credits 60 days after its enactment for projects that have not yet begun construction, making most of them unfeasible. "For 2025 and 2026, I think we will maintain our forecasts in terms of results and installation of new capacity," the Portuguese firm's CEO Miguel Stilwell d'Andrade told reporters on the sidelines of a conference late on Monday. EDPR is currently preparing a new business plan to be disclosed on November 6 that will go beyond 2027. "The renewables bet in the U.S. is here to stay. In 2024, we installed 2 GW there and this year we will install 1 GW and up to 750 megawatts in 2026 as planned," he said. The exact level of investment from 2027 onwards would depend on what is approved in the final version of the reconciliation bill, he added. "Let's see what comes out of the Senate," he said. Senator John Curtis, one of a handful of Senate Republicans who have said they want to preserve some of the tax credits, said last week that changes to the bill were necessary to protect investors and jobs from major disruption. EDPR, which operates in 28 countries across Europe, Asia and the Americas, had installed capacity of 19.3 GW in December 2024, 51% of which was in the United States.
