ExlService Holdings 2Q profit tumbles from year-ago period, meets estimates
By APThursday, August 6, 2009
ExlService Holdings 2Q profit falls, shares slip
NEW YORK — Outsourcing company ExlService Holdings Inc. said Thursday its second-quarter profit dropped more than 50 percent, as revenue fell almost 10 percent, but its results met Wall Street estimates.
Net income in the three-month period ended in June fell to nearly $1.3 million, or 4 cents per share, from $5.3 million, or 18 cents per share, in the year-earlier period.
Excluding results from discontinued businesses in the year-ago quarter, the company earned $2.6 million, or 9 cents a share, in the second quarter last year.
Revenue fell to about $42.4 million from $47 million in the prior year period.
Analysts surveyed by Thomson Reuters expected earnings per share of 4 cents on revenue of $41.5 million. The estimates typically exclude items.
Shares fell on the news, dropping 56 cents, or 4.2 percent, to $12.70 in afternoon trading Wednesday.
The company maintained its fiscal 2009 guidance, saying it expects revenue to range from $170 million to $175 million, which would be a decline of 3.7 percent to 6.4 percent from 2008.
Wall Street analysts expect revenue of $172.2 million.
ExlService Holdings CEO Rohit Kapoor said in a news release that the company continues to expand and will set up a new delivery center in Romania in the third quarter.
