For the third quarter, net revenue increased to $81 million, compared to $52 million in the year-ago quarter. Gross margin stood at 42.7%, while operating margin was 19%.
For full year 2010, net revenue increased 45% year-over-year. Net income was $52 million, up from $29 million in the previous year. Full-year gross margin and operating margin were stable at 40% and 19%, respectively.Reviewing the financials, Sujit Sircar, iGate's CFO commented, "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." The stock is trading at 15 times its estimated 2011 earnings.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts