IGATE Q3 Earnings Rise

(RTTNews) - IGATE Corp. (IGTE), Wednesday reported a higher third-quarter profit as previous year was affected by certain losses, which were absent in the current year. Income from operations declined as higher cost of revenues overshadowed revenue growth.

Net income rose to $37.4 million or $0.34 per share, from $32 million or $0.30 per share last year. Excluding certain items, the company recorded a profit of $42.5 million or $0.52 per share, compared with $36.3 million or $0.46 per share a year earlier.

On average, 9 analysts polled by Thomson-Reuters expected earnings of $0.52. Analysts' estimates typically exclude one-time items.

The company recorded an Adjusted EBITDA of $68.8 million compared with last year's $78.4 million.

IGATE's revenues increased to $322.77 million from $293.41 million in the previous year.