GE Capital International Appoints Henry Allen as Commercial & Growth Leader for International Business
Dec 19 14
GE Capital International has announced the appointment of Henry Allen as Commercial & Growth leader of the firm's international business, covering all markets outside the Americas. As part of his role, Allen will assume responsibility for the Marketing, Strategy, Commercial Excellence, Global Financial Solutions, Pan-European Equipment Finance and Fleet teams. Allen will be based in London and report directly to president and chief executive officer of GE Capital International, Richard Laxer. Allen joins GE Capital from Aurora Consultants.
Genpact Limited and Lombard Risk Launch New Collateral Management Solution for Capital Markets
Nov 20 14
Genpact Limited and Lombard Risk Management plc announced their collaboration to provide a new solution to help financial services firms optimize their collateral management operations. The collaboration between Genpact and Lombard Risk with CARDS and COLLINE addresses major cost pain points in the industry, and significantly improves margin and collateral management efficiencies with a true end-to-end solution. Genpact will integrate its Collateral Agreement and Reference Data Services (CARDS) with Lombard Risk's COLLINE(R) collateral, clearing, inventory management and optimization solution. This unique solution will enable both buy and sell-side firms to automatically digitize and capture the terms and conditions of various collateral agreements across asset classes, counterparties, and business silos, resulting in a margin and collateral rulebook by counterparty. More specifically, the digitized data loads COLLINE's agreement management database with the critical counterparty margin and collateral rules needed to efficiently manage and optimize margin and collateral, sharply reducing the time required to manually capture the information from existing and new agreements and amendments. Genpact's service includes the data entry of custom agreement terms which are incapable of being extracted and digitized by CARDS, and management of the data. In addition, the two companies are launching a joint business processing outsourcing (BPO) service for the collateral management function to include processes such as setup and management of agreements, integrating and verifying positions and inventory, processing of margin calls extending from issuance to settlement, and supported by aging analysis, dispute resolution, and failed settlement and customized reporting--together with comprehensive optimization and inventory management. Real-time margin management and intra-day collateral management are rapidly becoming the table stakes for financial services firms to survive and grow. They must drive a number of key functions including managing dynamic margin, collateral eligibility rules, settlement systems, exchanges, collateral across multiple counterparties, and clearing venues with diverse margin and collateral requirements. They must also ensure their liquidity and funding capacity through collateral optimization as well as capturing, mitigating, and allocating collateral costs across products and businesses. This joint solution will address these pain points because Lombard Risk's award-winning COLLINE is the leading platform for collateral management and CARDS has the widest coverage of agreement types.
Genpact Ltd. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for 2014 and Provides Revenue Guidance for 2015 and 2016
Nov 5 14
Genpact Ltd. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total net revenues of $588,107,000 compared with $534,886,000 for the same period a year ago. Income from operations was $72,867,000 compared with $85,957,000 for the same period a year ago. Income before income tax expense was $61,790,000 compared with $93,352,000 for the same period a year ago. Net income available to Genpact Limited common shareholders was $46,653,000 or $0.21 per diluted share compared with $70,262,000 or $0.30 per diluted share for the same period a year ago. Adjusted income from operations was $88,497,000 compared with $95,025,000 for the same period a year ago. Adjusted net income was $57,113,000 or $0.26 per diluted share compared with $77,251,000 or $0.33 per diluted share for the same period a year ago. Genpact generated $85.7 million of cash from operations in the quarter, compared to $125.5 million in the third quarter of 2013. The year-over-year decrease of $0.09 in earnings per share was primarily driven by unfavorable foreign exchange remeasurement as well as lower operating income due to increased selling and marketing expenses.
For the nine months, the company reported total net revenues of $1,677,908,000 compared with $1,573,538,000 for the same period a year ago. Income from operations was $223,165,000 compared with $237,894,000 for the same period a year ago. Income before income tax expense was $191,682,000 compared with $243,548,000 for the same period a year ago. Net income available to Genpact Limited common shareholders was $146,250,000 or $0.65 per diluted share compared with $180,875,000 or $0.77 per diluted share for the same period a year ago. Net cash provided by operating activities was $178,803,000 compared with $233,217,000 for the same period a year ago. Purchase of property, plant and equipment was $48,192,000 compared with $37,061,000 for the same period a year ago. Adjusted income from operations was $262,435,000 compared with $266,974,000 for the same period a year ago. Adjusted net income was $173,850,000 or $0.77 per diluted share compared with $206,402,000 or $0.88 per diluted share for the same period a year ago.
The growth strategy is beginning to generate results and it now expect 2014 revenues to be at the high end of the previously announced range of $2.24 to $2.28 billion. The company expects adjusted operating income margins to be at the low end of the previously announced range of 15.0 - 15.5%, reflecting accelerated investments in client-facing teams and capabilities. Cash Flow From Operations to decline 15% to 20% year on year. Effective tax rate is expected 24% to 26% and capital expenditure to be 2.5% to 3.0%.
The company expects its investment to increase through 2015, while revenue is expected to ramp in the second half of 2015 and accelerate into 2016.