Gartner Slashes 2018 Outlook Amid Divestitures; Posts Q1 Loss - Quick Facts

(RTTNews) - Gartner, Inc. (IT) on Tuesday updated its guidance to reflect the divestitures completed in April 2018. The company said it now expects earnings in the range of $1.08 to $1.47 per share and adjusted earnings in the range of $3.51 to $3.91 per share on revenues between $3.920 billion and $4.025 billion and adjusted revenues between $3.930 billion and $4.035 billion.

Previously, the company projected earnings in the range of $1.26 to $1.66 per share and adjusted earnings in the range of $3.71 to $4.11 per share on revenues between $4.095 billion and $4.200 billion and adjusted revenues between $4.105 billion and $4.210 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.87 per share on revenues of $4.13 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company posted a net loss of $20 million or $0.22 per share, compared to net income of $36 million or $0.43 per share in the year-ago quarter. Excluding special items, adjusted net income per share was $0.72, compared to last year's $0.60.

Revenues for the quarter surged 54 percent to $964 million from $625 million in the same quarter last year. Adjusted revenues were $974 million, compared to last year's $839 million. Meanwhile, adjusted revenues excluding held-for-sale operations were $920 million, compared to last year's $787 million.

Analysts expected quarterly earnings of $0.58 per share on revenues of $924.3 million.