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Gartner Inc -a has a market cap of $4.04 billion; its shares were traded at around $44.93 with a P/E ratio of 30.9 and P/S ratio of 2.8. Gartner Inc -a had an annual average earning growth of 18.6% over the past 10 years. GuruFocus rated Gartner Inc -a the business predictability rank of 3-star.
Highlight of Business Operations:We had total revenues of $369.2 million in the first quarter of 2012, an increase of 12% compared to first quarter 2011 and 13% excluding the foreign exchange impact. Revenues increased by double-digits in our Research and Events segments, at 13% and 29%, respectively, while Consulting was up 6%. For a more complete discussion of our results by segment, see Segment Results below. We had net income of $34.2 million in the first quarter of 2012, an increase of 17% compared to first quarter 2011. Diluted earnings per share increased $0.07 per share quarter-over-quarter, or 24%, to $0.36 per share for first quarter 2012. Our operating cash flow was $18.7 million in first quarter 2012.
Total revenues for the three months ended March 31, 2012 increased $39.6 million, or 12%, compared to the same quarter in 2011. Excluding the unfavorable impact of foreign currency translation, total quarterly revenues increased 13%. Revenues increased by double-digits in our Research and Events segments and increased 6% in Consulting. Please refer to the section of this MD&A below entitled “Segment Results” for a discussion of revenues and results by segment.
Operating Income increased $7.8 million, or 17% quarter-over-quarter, to $53.6 million in the three months ended March 31, 2012 compared to $45.8 million in 2011. Operating income as a percentage of revenues increased to 15% in the first quarter of 2012 compared to 14% in 2011, primarily due to a higher gross contribution in our Research segment in the 2012 quarter. Please refer to the section of this MD&A entitled “Segment Results” below for a further discussion of revenues and results by segment.
Net Income was $34.2 million and $29.2 million for the three months ended March 31, 2012 and 2011, respectively, an increase of 17%, mostly due to substantially higher operating income, which was partially offset by a higher tax provision. Diluted earnings per share was $0.36, an increase of $0.07 per share compared to 2011, attributable to the higher net income as well as lower weighted average shares outstanding, which declined by 3%.
Events revenues increased 29% quarter-over-quarter, or $4.5 million. Excluding the unfavorable impact of foreign currency translation, events revenues increased 31%. The 13 events held in the first quarter of 2012 consisted of 10 ongoing events, 1 new event launch and 2 events moved in to the quarter. Approximately $3.0 million of the revenue increase was due to the events moved into the quarter, with the remainder due to our ongoing events. The number of attendees and exhibitors increased 32% and 36%, respectively, while average revenue per attendee and exhibitor declined 9% and 4%, respectively. The gross contribution margin increased 2 points, primarily due to the events moved into the quarter and to a lesser extent, our ongoing events.
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