VanceInfo Technologies Inc. (VIT) reported third quarter net income attributable to VanceInfo of $5.76 million or $0.14 per share, compared to $4.33 million or $0.11 per share last year.
The company noted that amount in relation to noncontrolling interest, formerly referenced to as minority interest, for the three months and nine months ended September 30, 2008 is reclassified in accordance with guidance issued by FASB regarding noncontrolling interests in consolidated financial statements, which was adopted by the Company on January 1, 2009.
Non-GAAP net income was $7.06 million or $0.17 per share, compared to $4.9 million or $0.12 per share in the prior year quarter.
On average, 6 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues grew to $40.17 million from $27.67 million in the same period last year. Seven analysts estimated revenues of $38.22 million.
For the full year 2009, the Company has increased its guidance and expects to generate net revenues of at least $145 million in 2009, representing an increase of at least 41% from 2008. 2009 EPS is expected to be at least $0.50 on a GAAP basis. Excluding the share-based compensation and amortization of acquired intangible assets, EPS is expected to be at least $0.57 on a non-GAAP basis.
Earlier, the company expected revenue of at least $140 million. Previously, GAAP earnings were expected to be in the range of $0.48 - $0.50 per share, while non-GAAP earnings were projected to be in a range of $0.53 - $0.55 per share.
Analysts expect the company to earn $0.50 per share, on revenues of $141.97 million.
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