iGATE Earnings: Here’s Why Investors are Excited Now
iGATE Corporation (NASDAQ:IGTE) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 5.13%.
iGATE Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 57.14% to $0.44 in the quarter versus EPS of $0.28 in the year-earlier quarter.
Revenue: Rose 5.71% to $283.3 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: iGATE Corporation reported adjusted EPS income of $0.44 per share. By that measure, the company beat the mean analyst estimate of $0.34. It beat the average revenue estimate of $279.21 million.
Quoting Management: Gerhard Watzinger, CEO, iGATE, said, “I am pleased with our performance in the second quarter with revenue growing 3% sequentially. We booked orders worth over $600 million including three significant multi-year contracts each valued at $100 million or greater. I am happy to see that the Business Outcomes proposition is resonating well with our customers and markets.”
Key Stats (on next page)…
Revenue increased 3.05% from $274.92 million in the previous quarter. EPS decreased 13.73% from $0.51 in the previous quarter.
Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.41 and has not changed. For the current year, the average estimate has moved up from a profit of $1.66 to a profit of $1.68 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)