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IGATE Profit Declines

|Includes:iGATE Corporation (IGTE)

Originally published at www.seclive.com

iGATE Corporation (NASDAQ:IGTE) announced its first quarter financial results for the 2014 fiscal year, reporting a decline in profit from a year ago. The information technology and operations services outsourcer posted a 9.9% revenue increase to $302.2M while gross margin decreased from 38.1% to 37.5%, a result of higher input costs. Earnings fell from $34.8M and $0.34 per share a year ago to $31.6M and $0.29 per share. iGATE's revenue beat analyst expectations of $301M while earnings of $0.29 per share missed the $0.41 prediction. President and CEO Ashok Vemuri remarked that the company had a great start to the year and that it is positioned well for continued growth moving forward. The company is optimistic about the future, with several key contracts secured in first quarter that will result in great opportunities for iGATE.

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

Stocks: IGTE