Amdocs Ltd. DOX reported second-quarter 2016 results wherein earnings of 86 cents a share easily outpaced the Zacks Consensus Estimate. However, on a GAAP basis, the company reported net income of $107.7 million or 71 cents compared with $116.3 million or 74 cents in the prior-year quarter.Q2 DetailsAmdocs’ total revenue came in at $926 million, up 2.6% year over year and also surpassed the Zacks Consensus Estimate of $925 million. Twelve-month order backlog, at the end of the second quarter of fiscal 2016, was $3.1 billion compared with $3.09 billion in the prior-year quarter.Amdocs posted gross margin of 35.2% in the reported quarter compared with 35.7% in the year-ago quarter. Operating income stood at approximately $120.1 million, down 13% year over year, whereas operating margin was 13% versus 15.3% in the prior-year quarter.Segment-Wise ResultsManaged Service revenues totaled $501.1 million, up 2.8% year over year. Customer Experience Solution revenues came in at $902.3 million, a 0.9% rise from the year-earlier quarter figure. Meanwhile, Directory revenues grossed $23.6 million, down 12.9% year over year.Geographically, North America generated $586.4 million, down 1.7% year over year. Europe recorded $139.2 million in revenues, up 8% year over year, while the Rest of the World contributed $200.3 million, down 7.2% year over year.LiquidityAt the end of first six months of fiscal 2016, Amdocs generated around $316.7 million in cash from operations compared with 343.6 million at the end of same period last fiscal. At the end of the said period, free cash flow stood at $291.7 million compared with $335.5 million at the end of fiscal 2015. Meanwhile, at the end of the second quarter of 2016, Amdocs had approximately $1,150.1 million in cash, cash equivalents and short-term interest-bearing investments compared with $1,354 million at the end of fiscal 2015.Financial OutlookManagement projects revenues in the range of $910–$950 million for the third quarter of fiscal 2016. Earnings per share, for the same period on a GAAP basis, are expected between 63 cents and 71 cents while non-GAAP earnings per share are projected in the 84–90 cent range. Dividend PaymentsFollowing the earnings announcement, Amdocs declared a cash dividend of 19.5 cents per share to be paid on Jul 15, 2016, to shareholders of record as of Jun 30, 2016.Zacks Rank & Stocks to ConsiderAmdocs currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the same industry are Barracuda Networks, Inc. CUDA, Science Applications International Corporation SAIC and CoStar Group Inc. CSGP. All the three companies sport a Zacks Rank #1 (Strong Buy).Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report COSTAR GRP INC (CSGP): Free Stock Analysis Report AMDOCS LTD (DOX): Free Stock Analysis Report SCIENCE APP INT (SAIC): Free Stock Analysis Report BARRACUDA NTWRK (CUDA): Free Stock Analysis Report To read this article on Zacks.com click here.