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
British lender Lloyds Banking Group Plc. Friday reported higher profit in its first half, benefited by increased net interest income and margin as well as lower impairment. Looking ahead, the company lifted its net interest margin forecast. Amgen reported an increase in second-quarter profit, driven by sales of arthritis drug Enbrel and osteoporosis treatments Xgeva and Prolia, and improved margins. Both earnings and sales topped Wall Street estimates. Electronic Arts Inc. (EA) on Thursday reported an increase in profit for the first quarter, reflecting continued strong digital revenues, with both earnings and revenues topping Wall Street estimates. However, shares of the company fell over 4 percent, after having detailed a weak outlook. Redwood...
comments powered by Disqus
RELATED NEWS
Trade IGTE now with 
Follow RTT