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Gartner Guides FY 2011 EPS $1.29-$1.41 Vs. $1.37 Est.; Revenues $1.46B Vs. $1.46B Est. (IT)

Gartner (NYSE: IT) Guides FY 2011 EPS $1.29-$1.41 Vs. $1.37 Est.; Revenues $1.46B Vs. $1.46B Est. Gartner today reported results for fourth quarter and full year 2010, and provided its preliminary financial outlook for 2011. Gartner also provided its preliminary financial outlook for 2011.

For fourth quarter 2010, total revenue was $382.3 million, up 17% year-over-year excluding the impact of foreign exchange and 16% as reported. Net income increased 43% and Normalized EBITDA increased 25% to $72.5 million. Diluted income per share was $0.37 compared to $0.26 per share for fourth quarter 2009. Both the fourth quarter of 2010 and 2009 were negatively impacted by Acquisition Adjustments totaling $(0.02) per share after-tax. Diluted Income Per Share Excluding Acquisition Adjustments was $0.39 for fourth quarter 2010 and $0.28 for fourth quarter 2009. See "Non-GAAP Financial Measures" for a discussion of Normalized EBITDA and Diluted Income Per Share Excluding Acquisition Adjustments.

For full year 2010, total revenue was $1,288.5 million, an increase of 13%, and net income was $96.3 million. Normalized EBITDA was $230.4 million, an increase of 20% over 2009. Diluted income per share was $0.96 compared to $0.85 in 2009. The 2010 net income and diluted income per share were negatively impacted by Acquisition Adjustments totaling $22.0 million pre-tax, or $(0.14) per share after-tax. The 2009 results were positively impacted by tax benefits not expected to recur totaling $4.7 million, or $0.05 per share and negatively impacted by Acquisition Adjustments totaling $2.9 million pre-tax, or $(0.02) per share after-tax. Diluted Income Per Share Excluding Acquisition Adjustments was $1.10 for 2010 and $0.87 for 2009.

Gene Hall, Gartner's chief executive officer, commented, “We achieved record levels of new business and contract value, our client and wallet retention metrics improved for the fifth consecutive quarter, and many of our other key business metrics continued to accelerate during the fourth quarter. We delivered double-digit revenue, normalized EBITDA and EPS growth for the full year 2010 and expect to deliver double-digit growth across those measures in 2011 as well.”

Posted-In: Earnings News Guidance

 

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