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Tech Major Globant Releases Fresh Guidance as Third-Quarter Earnings Beat

8:48 AM, Nov 15, 2019 — Globant (GLOB) unveiled fresh guidance after markets closed on Thursday as the technology provider reported revenue for its third quarter, which was in line with analysts’ estimates, while adjusted earnings sailed past Street projections.

The Luxembourg-based company generated revenue of $171.3 million in the three months ended Sept. 30, up 27% from the corresponding quarter of the prior year and in line with the consensus estimate of analysts polled by Capital IQ for $171.3 million.

The geographic revenue breakdown for the third quarter saw 77.1% from North America, 17.0% from Latin America and others and 5.9% from Europe. In terms of currencies, 86.3% of Globant’s revenues for the third quarter was denominated in US dollars.

Adjusted diluted earnings per share came in at $0.62, up from $0.46 a year earlier and ahead of the Street’s projection of $0.59 per share.

For the fourth quarter, the company is targeting adjusted diluted earnings per share in the range of $0.58-to-$0.62. Revenues during the period are expected to be between $182-$184 million, implying 30.6% year-over-year growth at the midpoint of the range.

For the full-year, revenues are estimated to be in the range of $657-to-$659 million, implying 26.0% year-over-year revenue growth at the midpoint of the range. Adjusted diluted earnings per share are expected to be in the range of $2.23-to-$2.27.

Companies: Globant S.A.
Price: 109.25 Price Change: -0.01 Percent Change: -0.01

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