Gartner Inc Reports Third Quarter 2024 Financial Results

authorIntellectia.AI2024-11-05
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IT.N
Illustration by Intellectia.AI

Gartner, Inc. Reports Third Quarter 2024 Financial Results

Gartner, Inc. (NYSE: IT) has announced its financial results for the third quarter ending September 30, 2024. The financial performance exceeded market expectations.

Key Financial Metrics

Metric Q3 2024 YoY Change Consensus Estimates
Revenue $1.5B +5.4% $1.48B
Net Income $415M +130.6% N/A
Diluted EPS $5.32 +135.4% N/A
Adjusted EPS $2.50 -2.3% $2.38
Adjusted EBITDA $340M +2.1% N/A
Operating Cash Flow $591M +78.5% N/A
Free Cash Flow $565M +86.8% N/A

Gartner delivered revenue and adjusted EPS figures that surpassed consensus estimates, with revenues slightly ahead at $1.5 billion. The company also posted a significant increase in net income and diluted EPS.

Revenue Performance by Segment

Segment Revenue YoY Change
Global Technology Sales (GTS) Contract Value $3.9B +6.1%
Global Business Sales (GBS) Contract Value $1.2B +11.6%

Both the GTS and GBS segments showed strong growth, underpinned by a substantial increase in contract values, reflecting robust demand across technology and business sectors.

Key Developments and Operational Highlights

  • Contract Value : Reached $5.0 billion, a growth of 7.3% year-over-year on a foreign exchange-neutral basis.
  • Enhanced client value proposition supporting sustained double-digit growth outlook.

Executive Commentary

Gene Hall, Chairman and CEO, emphasized that performance in revenue, adjusted EBITDA, and adjusted EPS exceeded expectations. He reiterated the company's commitment to achieving long-term, sustained growth due to its compelling client offerings and large addressable market.

Forward Guidance

Gartner maintained a positive outlook for continued growth, emphasizing sustained performance across its segments.

Stock Price Movement

Following the earnings announcement, Gartner's stock experienced a modest increase of approximately 0.27%.

Overall, Gartner's third quarter performance was robust, illustrating strong execution and a promising outlook for sustained future growth.

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