iGATE Beats Estimates With 34 Cents Adjusted EPS (IGTE)

Fremont, California-based iGATE Corporation IGTE released financial results on Wednesday morning that beat Wall Street estimates. iGATE Corporation announced that its 4th quarter net income rose to $14.7 million, or 25 cents per share, up from $8.6 million, or 15 cents per share, a year earlier. Excluding special items, the company reported earnings of 34 cents per share, up from 18 cents per share a year earlier. iGATE Corporation reported revenue of $81.01 million, up from $52.4 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 26 cents per share, on revenue of $80.32 million. Chief financial officer Sujit Sircar said, "In spite of absorbing over $3.2 million of post tax acquisition related expenses, we had a very strong earnings and cash flow quarter. Our continued endeavor to improve profitability and operations of the company is reflected in our results for 2010, and we ended the year with a high note in all our financial parameters." iGATE Corporation (IGTE) finished the previous trading day at $16.25 per share. The consensus price target of analysts covering the company's stock is $24.75 per share. iGATE Corporation's unique business model aligns with the client's strategic objectives to achieve operational efficiencies, increase cost variability and rationalize their current operating environment. Read more from Benzinga's Company news.