FactSet Research Systems (NYSE:FDS), a provider of financial information and analytical applications, posted better-than-expected earnings for its fiscal third quarter
Net income rose to $61.4 million, or $1.45 per share, for the three months ended May 31, from $51.5 million, or $1.21 per share, in the year-earlier period, the Norwalk, Connecticut-based company said in a statement today.
Excluding items, earnings were $1.42 per share, above the $1.41 average estimate of 15 analysts polled by Capital IQ.
Revenue climbed 9.8 percent year-over-year to $254.5 million from $231.8 million, beating the Wall Street consensus of $253.6 million.
By geography, U.S. revenues for the quarter grew 8.6 percent to $172.1 million, and international revenues was $82.4 million, up about 10.5 percent from the prior-year quarter.
"FactSet continued its strong performance during the third quarter as each key operating metric experienced healthy growth," chief executive officer Philip Hadley said in the statement.
Annual Subscription Value or ASV for the third quarter increased 8.9 percent organically to $1.02 million from last year. ASV from FactSet's U.S. operations was $688 million, and $333 million were related to international operations.
ASV represents the forward-looking revenues for the next 12 months from all annual subscription services currently being supplied to clients.
Client count at the end of the third quarter totaled 2,915, a net increase of 47 clients during the quarter. Annual client retention rate was greater than 95 percent of ASV and 94 percent of clients, up from 93 percent a year ago.
For the current quarter, FactSet projects earnings of $1.46 to $1.48 per share, on revenue of $259 million to $263 million. Analysts are modeling earnings of $1.46 on revenue of $260.1 million.
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