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Gartner Inc (NYSE:IT) shares are trading higher after the company reported second-quarter FY24 sales growth of 6.1% year-on-year to $1.595 billion, marginally above the analyst consensus estimate of $1.585 billion.
Selling, general and administrative expenses increased 4.7% to $712.1 million. Operating income for the quarter increased 12.7% to $319 million and the operating margin expanded 120 basis points to 20%
Adjusted EBITDA for the quarter increased 8.2% to $416 million with an adjusted EBITDA margin of 26.1%. Adjusted EPS of $3.22 beat the analyst consensus estimate of $3.02.
Operating cash flow for the quarter was $370 million, with a free cash flow of $341 million.
The company's Board of Directors increased the share repurchase authorization by $600.0 million in July 2024.
Gene Hall, Gartner’s Chief Executive Officer, commented, “Revenue, Adjusted EBITDA, and Adjusted EPS were ahead of expectations. We remain well-positioned to drive long-term, sustained, double-digit growth built on delivering actionable, objective insight to help our clients address their mission-critical priorities.”
Outlook: Gartner continues to see FY24 revenue of at least $6.2 billion versus an estimate of $6.237 billion.
Gartner raised its FY24 adjusted EPS outlook to at least $11.05 from previously expected at least $10.90 against the consensus estimate of $11.63.
Price Action: IT shares are trading higher by 6.97% at $503.67 at last check Tuesday.
Posted In: IT
