WASHINGTON (dpa-AFX) - Technological research and consulting firm Gartner, Inc. (IT), while reporting higher third-quarter earnings above market, on Tuesday updated its fiscal 2024 earnings and revenue outlook. The company projects adjusted earnings above the Street, while revenues in line with the market view.
In the pre-market activity on the NYSE, Gartner shares were gaining around 1.4 percent to trade at $511.99.
Gene Hall, Gartner's Chairman and Chief Executive Officer, said, 'Revenue, Adjusted EBITDA, and Adjusted EPS were ahead of expectations. Contract value in the third quarter grew high single digits. We remain on a path to long-term, sustained, double-digit growth because of the compelling client value proposition we offer and the large addressable market we serve.'
For the year, the company now expects adjusted earnings per share of at least $11.75, higher than previously expected $11.05.
Analysts on average expected the company to report earnings of $11.68 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Adjusted EBITDA, a key earnings metric, for the year would be $1.52 billion, higher than previously expected $1.46 billion.
Total revenues for the year is now projected to be at least $6.23 billion, while previous estimate was $6.20 billion. The Street is looking for revenues of $6.23 billion for the year.
In its third quarter, the company's net income surged 130.6 percent to $415 million from last year's $180 million. Earnings per share grew to $5.32 from $2.26 last year.
Adjusted earnings per share were $2.50, compared to $2.56 a year ago.
Revenues went up 5.4 percent to $1.48 billion from prior year's $1.41 billion.
Analysts expected earnings of $2.38 per share on revenues of $1.48 billion for the quarter.
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