Gartner posts higher 3Q profit as expenses slide

Gartner reports higher 3rd-quarter profit as cost cuts more than offset revenue decline

• On 12:14 pm EDT, Friday October 30, 2009

STAMFORD, Conn. (AP) -- Technology research and analysis company Gartner Inc. on Friday posted higher third-quarter earnings as it cut expenses, more than offsetting a decline in revenue.

The company also reiterated its revenue outlook for the full year.

Gartner earned $20.1 million, or 21 cents per share, up 7 percent from $18.8 million, or 19 cents per share, in the same period a year earlier.

Revenue fell 10 percent to $267.5 million.

Analysts, on average, forecast a profit of 14 cents per share on sales of $262.9 million, according to a poll by Thomson Reuters.

The quarter's expenses declined 9 percent to $239.9 million.

"Our key business metrics continued to improve sequentially," said CEO Gene Hall in a statement. "We increased salesforce productivity, grew new business in Research and improved retention on Research subscriptions."

Gartner reiterated its full-year revenue outlook of $1.1 billion to $1.16 billion. Analysts project $1.12 billion in revenue.

Shares of Gartner fell 34 cents to $18.61 in morning trading.