Pactera Technology International Ltd.,(PACT), a consulting and technology services provider in China, Thursday reported a net loss of $1.6 million or $0.02 per ADS for the first quarter, compared with net income of $6.07 million or $0.14 per ADS during the comparable period last year. On an adjusted basis, the firm reported decrease in earnings, and matched the Street estimates. The company also provided second quarter and fiscal 2013 guidance.
Excluding special items, income for the quarter was $10.1 million or $0.12 per ADS. On average, five analysts polled by Thomson Reuters expected earnings per ADS of $0.12 for the first quarter. Analysts' estimates typically exclude one-time items.
Revenues for the three-month period increased to $152.3 million from $65.5 million reported during the corresponding period last year. Analysts expected the firm to record revenues of $159.32 million. The company said the revenue headwinds continued from the company's largest telecom customer, Japan market as well as merger-related integration and business restructure.
For the upcoming quarter, the company expects net revenues to be at least $163 million, compared to $166.5 million in the second quarter of 2012 on a pro-forma basis. On an adjusted basis, Pactera sees net income per ADS of $0.14. The revenue estimate excludes revenues from their Japan market. Analysts estimate the company to clock in revenues of $176.13 million and net earnings of $0.17 per ADS.
For the full year 2013, the company expects total net revenues to be between $675 million and $685 million compared with $673 million in 2012 on a pro forma basis. Excluding items, diluted net income per ADS is expected to be in the range of $0.68 to $0.73. The Street forecasts earnings of $0.75 per ADS on revenues of $724.24 million.
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