Gartner Stock Rallies On Clocking 20% Revenue Growth, Raising FY21 Outlook Above Consensus - Gartner (NYSE:IT)

Gartner Inc IT reported second-quarter FY21 revenue growth of 20% year-on-year to $1.17 billion, beating the analyst consensus of $1.12 billion.
Revenues from Research rose 14.6% Y/Y to $1 billion, and Conferences was $58.2 million, a big jump from $0.3 million in Q2 FY20. Consulting revenue grew 8.6% Y/Y to $105.9 million.
Global Technology Sales Contract Value rose 9% Y/Y to $3.1 billion on a neutral currency basis. Global Business Sales Contract Value increased 18.1% Y/Y to $0.8 billion on a neutral currency basis.
Adjusted EPS of $2.24 beat the analyst consensus of $1.73.
The adjusted EBITDA margin expanded by 1,069 bps to 30.4%.
Gartner generated $575 million in operating cash flow and repurchased shares worth $685 million. The board raised the share buyback authorization by $800 million in Jul.
Outlook: Gartner raised the FY21 revenue guidance from $4.50 billion to $4.57 billion, higher than the analyst consensus of $4.54 billion.
It raised the adjusted EPS outlook from $6.25 to $7.60, above the analyst consensus of $6.42.
Price action: IT shares traded higher by 8.43% at $287.30 on the last check Tuesday.