logo
Share SHARE
FONT-SIZE Plus   Neg

IGate Profit Tops View, Shares Up

iGate Corp. (IGTE), an information technology outsourcing company, Thursday reported an increase fourth-quarter profit, as revenues and gross margins improved.

Earnings for the quarter surpassed analysts' expectations, however revenues fell short of estimates. Shares of the company are currently up five percent on the Nasdaq.

Fremont, California-based iGate's profit for the quarter improved to $32.2 million or $0.31 per share from $15.3 million or $0.11 per share last year.

On an adjusted basis, earnings for the quarter rose $0.47 per share from $0.27 per share last year. On average, nine analysts polled by Thomson Reuters estimated earnings of $0.39 per share for the quarter. Analysts estimates typically excludes one-time items.

iGate's revenue for the period grew 1 percent to $271.6 million from $267.7 million last year. Analysts expected revenue of $272.14 million for the quarter.

Gross margin for the quarter advanced to 40.6 percent from 40.3 percent last year.

Chief Executive Phaneesh Murthy said, "I am happy that we achieved high earnings growth in 2012. I am also pleased with the increased acceptance of our iTOPS model among our customers and prospects with a large chunk of our customer pipeline and recent wins coming from our outcomes-based proposition."

IGTE is currently trading at $17.12, up $0.94 or 5.81%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Delta Air Lines Inc. (DAL) pilots, represented by the Air Line Pilots Association International, are picketing on Friday at several airports across the country. The pilots said the picketing was to raise the sense of urgency in ongoing contract negotiations. The negotiations between the pilots... Charter Communications, and its recently acquired subsidiary Time Warner Cable, have been regularly overcharging its consumers to a tune of $7.2 million per year, according to a report from the U.S. Senate's Permanent Subcommittee on Investigations. According to the report, Time Warner Cable over-billed... Popular photo sharing network Instagram is adding a new translation button on its pages, so that the global crowd can read and enjoy the captions and comments given for the photographs uploaded. The new update will be available from next month onward.
comments powered by Disqus
Follow RTT