Gartner Increases 2023 Earnings Guidance

(RTTNews) - Gartner, Inc. (IT) said it delivered another strong quarter with high single-digit growth in contract value and revenue, and updated financial outlook for the full year 2023. The company increased adjusted EBITDA, free cash flow and adjusted EPS guidance for 2023. Adjusted EPS is now expected to be at least $10.00. Previously, the company estimated adjusted EPS of at least $9.50.

The company now expects 2023 total revenue of at least $5.85 billion. Previously, the company projected total revenue of at least $5.90 billion.

Second quarter earnings came in at $198.0 million, or $2.48 per share compared with $204.9 million, or $2.53 per share, in last year's second quarter. Excluding items, Gartner reported adjusted earnings of $227 million or $2.85 per share for the period. Analysts on average had expected the company to earn $2.51 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 8.7% to $1.50 billion from $1.38 billion last year.

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