Breaking News
FONT-SIZE Plus   Neg
Share SHARE

IGate Profit Tops View, Shares Up

RELATED NEWS
Trade IGTE now with 

iGate Corp. (IGTE: Quote), 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%.

Register
To receive FREE breaking news email alerts for iGATE Corp and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Economic confidence in the eurozone picked up in October from a 10-month low, with broad based improvement across sectors, the results of a survey by the European Commission showed Thursday. The economic confidence index rose unexpectedly to 100.7 in October from 99.9 in the prior month. The score was expected to fall to 99.7. Visa Inc., the world's largest payment card processor, said Wednesday that its fourth quarter profit fell 10% from last year, hurt mainly by a hefty litigation provision even as revenue increased 9%. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. Stocks saw considerable volatility following the Federal Reserve's monetary policy meeting on Wednesday but maintained a negative bias before closing modestly lower. The losses on the day partly offset the rally seen in the previous session.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.