Gartner, Inc. (NYSE:IT) shares are trading lower after the company reported the fourth quarter of fiscal year 2023 results.
Quarterly revenue grew 5% year-on-year to $1.586 billion (+4% FX neutral), almost in line with the consensus of $1.585 billion.
Revenues from Research rose 6% year over year to $1.24 billion, and Conferences were $214 million, up 14% year over year. Consulting revenue fell 7% year over year to $128 million.
Global Technology Sales Contract Value rose 6% year over year FX Neutral to $3.7 billion. Global Business Sales Contract Value increased 13% year over year FX Neutral to $1.1 billion.
Adjusted EPS of $3.04 beat the consensus of $2.83.
Gartner generated $224 million in operating cash flow, +10% Y/Y. The company generated free cash flow of $196 million, +19% Y/Y.
CEO Gene Hall commented, “Entering 2024, our associate team is the best we’ve ever had, positioning us for long-term, sustained, double-digit growth. We are introducing guidance which is achievable across a wide range of economic scenarios, with the opportunity for upside.”
Outlook: Gartner issued FY24 adjusted EPS of at least $10.55 versus the $11.96 estimate. The company expects FY24 adjusted EBITDA of at least $1.435 billion.
Gartner expects 2024 total revenue of at least $6.24 billion against the consensus of $6.345 billion.
Price Action: IT shares traded lower by 7.83% at $433.00 premarket on the last check Tuesday.
