Sunday, August 20, 2017

Gartner posts second quarter loss

gartner in fort myers


Tuesday was a mixed bag for Gartner Inc., as the company released its quarterly earnings report.

The good news: revenues were up for the second quarter, by 38 percent to $843.73 million.

The bad news: the Stamford, Conn.-based company which employs around 1,200 people in Southwest Florida at their campus in Gateway posted a net loss of $92.3 million. The company had posted net income of $51.6 million in the same period last year.

Overall, CEO Gene Hall was upbeat during a conference call discussing earnings on Tuesday. There was a lot to positive about.

The company still beat analyst estimates, posting earnings per share of 88 cents. And integration with CEB, Inc., which Gartner purchased in April for $2.6 billion, was going easier than expected.

“The overall integration with CEB is going extraordinarily well. We expect to enter 2018 with double-digit sales growth in the CEB traditional salesforce areas,” Hall said.,

“CEB before we bought them was a public company, and as such didn’t give us much access to their people or their internal information, so we essentially had no access until we closed. As we closed the deal and got access to the inside information and talked to associates we found it was even better than we thought it would be. Because of that, we’re going faster than we had laid out originally.”

Gartner plans to expand its presence in Southwest Florida in the coming years. The IT consulting and research firm expects to double its workforce in the area in the next five years, and is building a new campus along Paul J. Doherty Boulevard to house them all, about a mile from the current facility in Gateway.

Stocks finished the day down, with shares of Gartner(NYSE: IT) falling 3.13 percent to $122.30.

© 2017 Naples Herald. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

You may also like