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Syntel tops Street 4Q forecasts

TROY, Mich. (AP) _ Syntel Inc. (SYNT) on Thursday reported fourth-quarter net income of $42.4 million.

On a per-share basis, the Troy, Michigan-based company said it had profit of 51 cents. Earnings, adjusted for pretax expenses, came to 62 cents per share.

The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.

The information technology outsourcing company posted revenue of $239.8 million in the period, also beating Street forecasts. Six analysts surveyed by Zacks expected $214.7 million.

For the year, the company reported net income of $166.3 million, or $1.99 per share, swinging to a profit in the period. Revenue was reported as $923.8 million.

Syntel expects full-year earnings to be $1.72 to $1.92 per share, with revenue in the range of $905 million to $950 million.

Syntel shares have dropped almost 5 percent since the beginning of the year. The stock has fallen roughly 3 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SYNT at https://www.zacks.com/ap/SYNT