EPAM Systems (NYSE: EPAM) reported earnings on May 9. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended March 31 (Q1), EPAM Systems met expectations on revenues and missed estimates on earnings per share.

Compared to the prior-year quarter, revenue increased significantly. GAAP earnings per share stayed the same.

Gross margins expanded, operating margins dropped, net margins shrank.

Revenue details
 EPAM Systems booked revenue of $124.2 million. The four analysts polled by S&P Capital IQ predicted revenue of $123.8 million on the same basis. GAAP reported sales were 32% higher than the prior-year quarter's $94.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.27. The three earnings estimates compiled by S&P Capital IQ anticipated $0.28 per share. GAAP EPS of $0.27 were the same as the prior-year quarter.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 37.2%, 100 basis points better than the prior-year quarter. Operating margin was 12.5%, 210 basis points worse than the prior-year quarter. Net margin was 10.2%, 260 basis points worse than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $132.5 million. On the bottom line, the average EPS estimate is $0.32.

Next year's average estimate for revenue is $538.8 million. The average EPS estimate is $1.42.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 21 members out of 26 rating the stock outperform, and five members rating it underperform. Among 11 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), nine give EPAM Systems a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on EPAM Systems is outperform, with an average price target of $24.78.

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