IGATE Q4 Profit Rises - Quick Facts

(RTTNews) - Information technology company iGATE Corp. (IGTE) reported that its fourth-quarter net income attributable to common shareholders increased to $24.85 million from $23.26 million in the same quarter last year. Earnings per share from operations for the quarter was $0.30, unchanged from last year.

Non-GAAP Net income attributable to common shareholders for the quarter grew to $39.67 million from the previous year's $34.97 million. Non-GAAP Earnings per share from operations for the quarter was $0.49, up from $0.45 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.48 per share for the quarter. Analysts' estimates typically exclude special items.

The company said it added nine new customers during the fourth quarter, including five Fortune 1000 companies.

Revenues for the quarter grew to $299.33 million from $271.58 million in the year ago quarter. Eight analysts had consensus revenue estimate of $296.14 million for the quarter.

Ashok Vemuri, President and Chief Executive Officer, iGATE, said, " I am confident that we are poised for a faster pace of growth in 2014."

Sujit Sircar, Chief Financial Officer, iGATE, said, " In order to better position us to create more shareholder value, we entered into a credit agreement during the fourth quarter and expect this to lower our debt servicing cost and therefore better our earnings and profitability from 2014."