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
The recent week marked the lull before the storm, with very few market moving economic numbers released during the week. However, the economic news flow picks up pace in the upcoming week, offering glimpses into every vehicle of economic growth, ranging from consumers to private sector activity to housing.... Life expectancy at birth in the U.S. is already lower than most other developed nations and is now projected to fall further behind by 2030, according to a new study. It also suggests that by 2030, national female life expectancy in South Korea could break the 90 year barrier. Department store chain J.C. Penney Co. Inc. on Friday reported a turnaround to profit in the fourth quarter as a slight decline in sales was more than offset by lower expenses. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues slightly missed their estimates. Earlier today, J.C. Penny announced a plan to optimize its national retail operations.
comments powered by Disqus
Follow RTT