New York City, New York - The Institute for Supply Management (ISM) earlier this month reported that U.S.’s vast services sector expanded at its fastest pace in a year in February. The data highlights the fact that the services sector is benefiting from a recovery in the U.S. economy. This augurs well for management services providers such as Genpact Limited (NYSE: G), and Corrections Corp. of America (NYSE: CXW). The ISM’s non-manufacturing index rose to 56 in the month of February from 55.2 in January. The reading came in well above the consensus forecast. In fact, the expansion in the services sector in February was the fastest in a year.
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Services sector is benefiting from a recovery in the housing market. Also, an improvement in the labor market is helping the sector. Among the non-manufacturing industries that reported growth in February were real estate, transportation, retail trade and finance. Going forward, services sector is expected to continue to expand, given the ongoing recovery in the housing market. In addition, the Federal Reserve remains committed to its ultra-loose monetary policy. In its latest monetary policy statement, the Fed said that it will continue with its bond buying program and record low interest rates. This should boost economic growth.Our free research report onGenpact Ltd.can be downloaded upon registration at
Last month, Genpact Limited, which provides business process and technology management services, reported its financial results for the fourth quarter and full year ended December 31, 2012. The company’s revenue for the fourth quarter was $507.7 million, representing an increase of 14.70% over the same period in the previous year. Net income for the quarter was $53.4 million, compared to $61.1 million reported for the same period in the previous year. For the full year 2012, Genpact reported revenue of $1.9 billion, representing an increase of 18.8% over 2011. The company’s net income for 2012 was $178.2 million, compared to $184.3 million reported in 2011.
N.V. Tyagarajan, President and CEO of Genpact Limited, said that the company’s results in the fourth quarter and full year 2012 demonstrated strong client demand and profitable growth. Tyagarajan noted that in 2012, the company delivered robust growth in revenues and adjusted operating income and expanded and strengthened its capabilities across its enterprise services offerings, industry vertical markets and geographies with both investment initiatives, and acquisitions
Last month, Corrections Corp. of America also reported its financial results for the fourth quarter of 2012. The company reported normalized funds from operations (FFO) of $0.64 per share for the fourth quarter of 2012, compared to $0.59 per share reported for the same period in the previous year. The company’s revenue for the quarter was $436.9 million, compared to $437.1 million reported for the same period in the previous year.Corrections Corporation of Americafree research is available today at
Corrections Corp. of America elected REIT status at the start of this year. Corrections Corp. of America President and CEO Damon Hininger noted that the company’s decision to elect REIT status demonstrates its commitment to creating value for shareholders.
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