Pactera Technology International Q3 Profit Down

(RTTNews) - Pactera Technology International Ltd. (PACT) , a global consulting and technology services provider strategically headquartered in China, reported that net income attributable to the company for the third quarter of 2013 slipped to $2.7 million, from $4.7 million in the corresponding period in 2012. Net income per ADS declined to $0.03 from $0.11 in the prior year.

Non-GAAP net income was $15.5 million for the third quarter of 2013, compared to $10.6 million for the same period in 2012. Non-GAAP net income per ADS was $0.18 in the third quarter of 2013, compared to $0.25 in the corresponding period of 2012.

Net revenues were $173.1 million for the third quarter of 2013 as compared to $79.6 million for the third quarter of 2012, reflecting a decrease of 1.5% from $175.8 million of the pro forma net revenues for the corresponding period in 2012.

Excluding the company's major telecom customer, net revenues for the third quarter of 2013 would have increased 7.2% from the pro forma net revenues for the corresponding period in 2012.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.17 per share and revenues of $172.22 million for the quarter. Analysts' estimates typically exclude special items.

For the full year 2013, Pactera expects Net revenues to be at least $668 million, compared to $673 million in 2012 on a pro-forma basis. Non-GAAP net income per ADS is expected to be at least $0.64. Street currently is looking for fiscal year 2013 earnings of $0.64 per share on annual revenues of $665.12 million.