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Globant's (GLOB) Q1 Earnings Meet Estimates, Revenues Up Y/Y
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Globant (GLOB - Free Report) reported first-quarter 2024 non-GAAP earnings per share (EPS) of $1.53 per share, matching the Zacks Consensus Estimate. The bottom line increased 19.5% year over year.
Revenues in the quarter summed $571.1 million, beating the Zacks Consensus Estimate by 0.1%. Total revenues rose 20.9% year over year. The uptick was attributable to solid momentum across most of the business segments. Its top customer, top five customers and top 10 customers contributed 8.3%, 21.8% and 30.1% to net sales, respectively.
For the year ended Mar 31, 2024, GLOB catered to 955 customers. Among its clients, 17 of them generate more than $20 million in annual revenues. For the same period, GLOB had 318 clients that brought in more than $1 million of annual revenues, up 15.2% from the year-ago level.
During the quarter, GLOB partnered with NVIDIA. Uder the terms of collaboration, GLOB will integrate NVDA’s AI technology with its enterprise AI platform.
Revenues from Media and Entertainment (21% of net sales) were up 13.9% year over year to $119.73. The expansion was due to higher revenues from its biggest client, the Walt Disney Company, which contributed 8.3% of total revenues, up 6.7% year over year.
Technology & Telecommunications revenues (10.9%) were down 0.9% year over year to $62.2 million.
Travel & Hospitality revenues (11%) soared 66.5% year over year to $62.6 million.
Consumer, Retail & Manufacturing (19.1%) grew 49.6% year over year to $109.1 million.
Professional Services (11.1%) were down 0.4% from prior-year quarter level to $63.2 million.
Banks, Financial Services and Insurance (17.9%) were up 18.5% year over year to $102.5 million.
Healthcare revenues (7.6%) rose 19.5% year over year to $43.1 million.
Revenues from Other Verticals tallied $8.5 million (1.5%), up 7.9% year over year.
GLOB generated 56% of its revenues from North America, primarily the United States, 22.9% from Latin America, the top contributor being Argentina, 17.2% from Europe, majorly Spain and 3.9% from New Markets, the top country being Saudi Arabia.
Other Details
Non-IFRS adjusted gross margin was 38% compared with 38.2% a year ago.
Non-IFRS adjusted profit from operations margin was 15.0%, down from 15.1% prior-year quarter.
Adjusted net income for the period was $67.5 million, up 21.9% year over year.
Balance Sheet
As of Mar 31, 2024, GLOB had cash, cash equivalents and short-term investments of $237.5 million compared with $323.3 million as of Dec 31, 2023. The downtick was due to partial repayment of credit facility and numerous M&A earnout payments.
Outlook
For the second quarter, the company projects revenues in the band of $585-$589 million, or 17.6% to 18.4% year-over-year growth. Adjusted profit from operations margin is anticipated to be in the range of 14.5-15.5%. Adjusted diluted EPS is expected to be in the range of $1.47 to $1.52
For full-year 2024, management projects revenues in the band of $2,405-$2,440 million, suggesting 14.7% to 16.4% year-over-year growth. Adjusted profit from operations margin is estimated to be in the range of 14.5-15.5%. Adjusted diluted EPS is estimated to be in the range of $6.20 to $6.50
BlackBerry’s (BB - Free Report) fourth-quarter fiscal 2024 adjusted earnings of 3 cents per share beat the Zacks Consensus Estimate by 200%. The bottom line improved from the prior-year quarter’s non-GAAP loss of 2 cents per share.
BB has lost 44% in the past year against the sub-industry’s growth of 30.5%. In the last quarter, it delivered an earnings surprise of 200%.
Blackbaud (BLKB - Free Report) reported first-quarter 2024 non-GAAP earnings per share of 93 cents, which surpassed the Zacks Consensus Estimate by 9.4%. The bottom line increased 29.2% year over year.
Shares of BLKB have gained 8.3% compared with the sub-industry’s growth of 30.5% in the past year. In the last quarter, it delivered an earnings surprise of 9.4%.
Cadence Design Systems (CDNS - Free Report) reported first-quarter 2024 non-GAAP earnings per share of $1.17, which beat the Zacks Consensus Estimate by 3.5%. However, it decreased 9.3% year over year.
In the past year, CDNS has gained 33.2% compared with the Zacks sub-industry’s growth of 30.5%. It currently has a long-term growth expectation of 17.8%.
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Globant's (GLOB) Q1 Earnings Meet Estimates, Revenues Up Y/Y
Globant (GLOB - Free Report) reported first-quarter 2024 non-GAAP earnings per share (EPS) of $1.53 per share, matching the Zacks Consensus Estimate. The bottom line increased 19.5% year over year.
Revenues in the quarter summed $571.1 million, beating the Zacks Consensus Estimate by 0.1%. Total revenues rose 20.9% year over year. The uptick was attributable to solid momentum across most of the business segments. Its top customer, top five customers and top 10 customers contributed 8.3%, 21.8% and 30.1% to net sales, respectively.
For the year ended Mar 31, 2024, GLOB catered to 955 customers. Among its clients, 17 of them generate more than $20 million in annual revenues. For the same period, GLOB had 318 clients that brought in more than $1 million of annual revenues, up 15.2% from the year-ago level.
During the quarter, GLOB partnered with NVIDIA. Uder the terms of collaboration, GLOB will integrate NVDA’s AI technology with its enterprise AI platform.
Globant S.A. Price, Consensus and EPS Surprise
Globant S.A. price-consensus-eps-surprise-chart | Globant S.A. Quote
Segmental Details
Revenues from Media and Entertainment (21% of net sales) were up 13.9% year over year to $119.73. The expansion was due to higher revenues from its biggest client, the Walt Disney Company, which contributed 8.3% of total revenues, up 6.7% year over year.
Technology & Telecommunications revenues (10.9%) were down 0.9% year over year to $62.2 million.
Travel & Hospitality revenues (11%) soared 66.5% year over year to $62.6 million.
Consumer, Retail & Manufacturing (19.1%) grew 49.6% year over year to $109.1 million.
Professional Services (11.1%) were down 0.4% from prior-year quarter level to $63.2 million.
Banks, Financial Services and Insurance (17.9%) were up 18.5% year over year to $102.5 million.
Healthcare revenues (7.6%) rose 19.5% year over year to $43.1 million.
Revenues from Other Verticals tallied $8.5 million (1.5%), up 7.9% year over year.
GLOB generated 56% of its revenues from North America, primarily the United States, 22.9% from Latin America, the top contributor being Argentina, 17.2% from Europe, majorly Spain and 3.9% from New Markets, the top country being Saudi Arabia.
Other Details
Non-IFRS adjusted gross margin was 38% compared with 38.2% a year ago.
Non-IFRS adjusted profit from operations margin was 15.0%, down from 15.1% prior-year quarter.
Adjusted net income for the period was $67.5 million, up 21.9% year over year.
Balance Sheet
As of Mar 31, 2024, GLOB had cash, cash equivalents and short-term investments of $237.5 million compared with $323.3 million as of Dec 31, 2023. The downtick was due to partial repayment of credit facility and numerous M&A earnout payments.
Outlook
For the second quarter, the company projects revenues in the band of $585-$589 million, or 17.6% to 18.4% year-over-year growth. Adjusted profit from operations margin is anticipated to be in the range of 14.5-15.5%. Adjusted diluted EPS is expected to be in the range of $1.47 to $1.52
For full-year 2024, management projects revenues in the band of $2,405-$2,440 million, suggesting 14.7% to 16.4% year-over-year growth. Adjusted profit from operations margin is estimated to be in the range of 14.5-15.5%. Adjusted diluted EPS is estimated to be in the range of $6.20 to $6.50
Zacks Rank
GLOB currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performance of Other Companies
BlackBerry’s (BB - Free Report) fourth-quarter fiscal 2024 adjusted earnings of 3 cents per share beat the Zacks Consensus Estimate by 200%. The bottom line improved from the prior-year quarter’s non-GAAP loss of 2 cents per share.
BB has lost 44% in the past year against the sub-industry’s growth of 30.5%. In the last quarter, it delivered an earnings surprise of 200%.
Blackbaud (BLKB - Free Report) reported first-quarter 2024 non-GAAP earnings per share of 93 cents, which surpassed the Zacks Consensus Estimate by 9.4%. The bottom line increased 29.2% year over year.
Shares of BLKB have gained 8.3% compared with the sub-industry’s growth of 30.5% in the past year. In the last quarter, it delivered an earnings surprise of 9.4%.
Cadence Design Systems (CDNS - Free Report) reported first-quarter 2024 non-GAAP earnings per share of $1.17, which beat the Zacks Consensus Estimate by 3.5%. However, it decreased 9.3% year over year.
In the past year, CDNS has gained 33.2% compared with the Zacks sub-industry’s growth of 30.5%. It currently has a long-term growth expectation of 17.8%.