Constellation Software Earnings: Acquisition Spending and Organic Growth Slow to Start the Year

Narrow-moat Constellation Software reported decent first-quarter earnings, with earnings per share of $5.44, growing 10% year over year. Revenue was up 13%, comprised of only 0.3% organic growth; however, organic growth would have been 2% under constant exchange rates. We are looking for closer to 20% revenue growth for the year, comprised of just under 3% organic growth and just under 18% inorganic.