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Following the release of  EPAM Systems, Inc.’s (EPAM - Snapshot Report) strong second-quarter 2013 results, the stock has delivered impressive returns over the last two months. Moreover, the Zacks Consensus Estimate for 3Q13 and FY13 witnessed an upward revision during the same period.

The stock price of EPAM rose almost 12% over the last two months. This stimulated the company to raise its guidance for 3Q13 and FY13.

At present, the company expects third-quarter revenues to be in the range of $139–$140 million, up from the earlier projection of $135–$137 million, an increase of 26% to 27%. Non-GAAP diluted earnings per share (EPS) for third-quarter is forecasted to be 42 cents to 43 cents, marginally higher than the prior range of 41 cents to 42 cents.

For fiscal 2013, the company anticipates revenues in the range of $542–$545 million, up 23% to 25% from the earlier projection. Additionally, non-GAAP EPS growth for 2013 is expected to be in the range of 15% to 20% year over year, up from the previous growth estimate of 12% to 15%.

It is yet to be seen whether the company’s third-quarter results (scheduled to be reported on Nov 7, 2013) come in line with the Zacks Consensus Estimate or not.

Notably, the company’s current guidance for the forthcoming quarterly results stands above the Zacks Consensus Estimate of 34 cents.

Concurrently, the company announced that Anthony J. Conte has replaced Ilya Cantor as the new Chief Financial Officer, with effect from Nov 8, 2013.

EPAM is a leading software engineering and IT outsourcing (ITO) company and currently carries a Zacks Rank #3 (Hold).

Better-placed stocks in the same sector worth considering include Qihoo 360 Technology Co. Ltd. (QIHU - Snapshot Report), NetEase, Inc. (NTES - Snapshot Report) and Bazaarvoice, Inc. (BV - Snapshot Report). All the above-mentioned stocks carry a Zacks Rank #1 (Strong Buy).

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