CI&T (NYSE:CINT, "Company")), a global technology transformation specialist and fast-growing public company, today announces its results for the third quarter of 2024 (3Q24) in accordance with International Financial Reporting Standards (IFRS). For comparison purposes, we refer to the results for the third quarter of 2023 (3Q23) and the second quarter of 2024 (2Q24).
Third quarter of 2024 (3Q24) highlights
- Record Net Revenue of R$622.2 million, a 17.6% increase compared to 3Q23 and 10.0% sequential growth over 2Q24.
- Net Profit increased by 5.6%, reaching R$28.6 million in 3Q24, up from R$27.0 million in 3Q23.
- Adjusted EBITDA improved by 24.2% to R$121.4 million in 3Q24 compared to R$97.7 million in 3Q23. The Adjusted EBITDA margin was 19.5%.
- Adjusted Net Profit increased by 32.9% to R$56.5 million in 3Q24, up from R$42.5 million in 3Q23. The Adjusted Net Profit margin was 9.1%.
- CI&T ended 3Q24 with 6,755 employees, an 8.3% increase from 2Q24.
Cesar Gon, founder and CEO of CI&T, commented, "We are delighted to report 17.6% year-over-year revenue growth for 3Q24, showcasing the strength and resilience of our business model. Our value proposition through CI&T Flow continues to gain significant traction with clients, as evidenced by the revenue growth among our top 10 clients."
"Looking forward, our guidance projects 22% year-over-year revenue growth for 4Q24 at the midpoint, reflecting our confidence in sustaining this momentum. As we move into 2025, we are well-positioned to capitalize on the growing demand for innovative solutions, driven by our commitment to providing exceptional value for all our stakeholders and fostering long-lasting client relationships."
The full 3Q24 Earnings Release can be accessed here.
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