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%.
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