Syntel Q2 Profit Up, Beats Estimates; Lifts FY14 EPS, Revenue Guidance

(RTTNews) - Syntel Inc. (SYNT), an IT services provider, Thursday, reported higher earnings for the second quarter, reflecting rise in revenue. In addition, the firm raised its full-year earnings and revenue outlook.

The company's net income was $59.3 million or $1.41 per share, higher than, $47.5 million or $1.14 per share in the prior-year period. On average, 11 analysts polled by Thomson Reuters expected earnings per share of $1.22 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly revenue rose 13 percent to $228.3 million from $202.5 million in the prior-year period, whereas analysts estimated revenues of $229.30 million.

Further, the company raised the lower end of its full-year revenue guidance by $5 million, and now expects revenue in the range of $920 million - $940 million. Syntel also raised its annual earnings per share guidance to a range of $5.50 - $5.65 from the previous range of $5.10 -$5.28 in the prior-quarter. Analysts expect the company to report earnings per share of $5.31 on revenue of $931.40 million.