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IGATE Net Income Rises 14%

|Includes:iGATE Corporation (IGTE)

Originally published at www.seclive.com

iGATE Corporation (NASDAQ:IGTE) announced its third quarter fiscal 2013 financial results, topping analyst expectations for revenue and earnings performance. The company reported revenues that improved 8% from $271.1M a year ago to $293.4M, topping Wall Street estimates by around $4M. Net income rose 14% from $20.8M and $0.27 earnings per share this quarter last year to $23.8M and $0.30 earnings per share. The company is continuing to trend upward, adding eight new customers to its portfolio. iGATE announced last month that Ashok Vemuri will serve as the company's president and CEO, replacing Gerhard Watzinger who was serving as interim president after the company fired prior CEO Phaneesh Murth over inappropriate relations with a subordinate and sexual harassment claims.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: IGTE