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Gartner Reports Financial Results For Second Quarter 2013

Stocks in this article: IT

Gartner, Inc. (NYSE: IT), the leading provider of research and analysis on the global information technology industry, today reported results for second quarter 2013 and updated its outlook for full year 2013 revenues, Normalized EBITDA, and EPS.

Total revenue was $446.0 million for second quarter 2013, an increase of 12% on a reported basis compared to first quarter 2012 and 13% adjusted for foreign exchange impact. Second quarter 2013 net income was $46.5 million, an increase of 12%, while Normalized EBITDA was $89.9 million, an increase of 14%. (See “Non-GAAP Financial Measures" below for a discussion of Normalized EBITDA). Diluted earnings per share was $0.49 in second quarter 2013 compared to $0.43 in second quarter 2012. The second quarter of 2013 and 2012 earnings per share were negatively impacted by after-tax acquisition-related charges of $(0.01) and $(0.02) per share, respectively. The acquisition-related charges include intangible amortization and integration costs.

For the six months ended June 30, 2013, total revenue was $852.8 million, an increase of 11% over the same period in 2012. Revenues increased 12% excluding the impact of foreign exchange. Net income increased 10%, to $83.2 million, while Normalized EBITDA increased 10%, to $165.0 million. Diluted earnings per share was $0.87 in 2013 compared to $0.79 in 2012, which includes the negative impact of acquisition-related charges of $(0.02) per share for both periods.

Gene Hall, Gartner's chief executive officer, commented, “Our second quarter results continued our trend of delivering consistent double-digit growth. Revenue, contract value, Normalized EBITDA and EPS again grew at double-digit rates, in line with our long-term expectations. Despite a mixed economic environment, we continue to see robust demand for our services across all three segments, which illustrates both the value we provide to our clients and the market opportunity for our services. We remain confident in our ability to deliver on our long term goals for double-digit growth in revenues, earnings and cash flow.”

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