Zacks Investment Research | Oct 30, 2019 11:50PM ET
Gartner, Inc. (NYSE:IT) reported solid third-quarter 2019 results, wherein the company’s earnings and revenues surpassed the Zacks Consensus Estimate.
Adjusted earnings per share of 70 cents beat the consensus mark by 25 cents but decreased 18% on a year-over-year basis.
Revenues of $1.00 billion outpaced the consensus estimate by roughly $13 million and improved 9% year over year on a reported basis and 10% on a foreign currency-neutral basis. Adjusted revenues improved 10% year over year on a reported basis and 11% on a foreign currency-neutral basis.
Total contract value was $3.3 billion, up 11% year over year on a foreign currency-neutral basis.
So far this year, shares of Gartner have gained 14.8% compared with 25.4% rise of the industry it belongs to and 19.9% increase of the Zacks S&P 500 composite.
Quarterly Numbers in Detail
Revenues at the Research segment increased 9% year over year on a reported basis and 10% on a foreign currency-neutral basis to $841 million. Gross contribution margin was 69% in the reported quarter.
Revenues at the Conferences segment increased 16% year over year on a reported basis and 19% on a foreign currency-neutral basis to $66 million. Gross contribution margin was 41%.
Revenues at the Consulting segment grew 18% year over year on a reported basis and 20% on a foreign currency-neutral basis to $93 million. Gross contribution margin was 28% in the reported quarter.
Adjusted EBITDA of $140 million declined 6% year over year on a reported basis and 5% on a foreign currency-neutral basis.
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