Longtop Financial Technologies Revenues Soar 41% (LFT)

Longtop Financial Technologies LFT released financial results that beat Wall Street estimates. Longtop Financial Technologies announced that its fiscal 2nd quarter adjusted net income rose 19.8% to $25.7 million, or 44 cents per share, from the same quarter a year earlier. The company's revenue climbed 41.2% to $60.46 million, up from $42.83 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 41 cents per share, on revenue of $57.26 million. CEO Weizhou Lian said, "The financial results of the second fiscal quarter have exceeded our Company guidance. I am pleased to see the ongoing strength in demand from across the full spectrum of our customer base. The outstanding revenue contribution from Other Banks reaffirms the success over the past four years in diversifying and expanding our customer base as well as last year's acquisition of Giantstone and its core banking capabilities. We continue to be highly positive on our outlook for the second half of the 2011 fiscal year. Longtop's growth momentum and expanding market leadership are based on customers' trust in our quality solutions and service, and we will work hard to continue to deserve their loyalty." Longtop Financial Technologies (LFT) finished the previous trading day at $41.04 per share. The consensus price target of analysts covering the company's stock is $43.44 per share. Read more from Benzinga's Company news.