Gartner's 4Q profit drops 24 percent
(AP) — Gartner Inc. posted a 24 percent drop in fourth-quarter earnings Tuesday, as revenue generated by its information technology research declined.
The company, which focuses on the information technology market, earned $25.7 million, or 26 cents per share, compared with $33.6 million, or 35 cents per share, in the same quarter a year ago. The most recent quarter included 2 cents per share in one-time expenses related to acquisitions.
Revenue fell 5 percent to $328.8 million.
The results were better than Wall Street expected. Analysts, who typically exclude one-time costs from their estimates, predicted earnings of 26 cents per share and revenue of $317.7 million.
Gartner projected earnings for 2010 of 74 cents to 87 cents per share, or 91 cents to $1.03 per share excluding one-time charges. It expects revenue of between $1.25 billion and $1.29 billion.
Full-year earnings were $83 million, or 85 cents per share, down 20 percent from $103.9 million, or $1.05 per share, the year before. Revenue fell 11 percent to $1.14 billion.
Analysts were looking for 2009 results of 94 cents per share and revenue of $1.23 billion.
Gartner shares were down 13 cents to $20.73 in morning trading.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
Out East Show: Visit The Shamrock evergreen maze, Sannino Vineyard, Seven Ponds Orchard and the Warrior Ranch Foundation NewsdayTV's Doug Geed is heading 'Out East' to showcase the ultimate local spots you need to explore.
