FactSet Research Systems' Third-Quarter Earnings Beat Estimates

Published on: 26 Jun, 2018

On Tuesday, FactSet Research Systems Inc. (NYSE: FDS), announced its financial results for the third quarter of fiscal 2018.

“We are making progress integrating and cross selling our acquisitions resulting in important wins this quarter, particularly within Analytics. We continue to innovate with the launch of the Open:FactSet marketplace and enhancing our risk offering. We believe we have a solid pipeline for the fourth quarter and expect to finish fiscal 2018 in our guidance range,” Phil Snow, the CEO of FactSet, said in the statement on Tuesday.

According to the company, total revenue for the third quarter increased 8.9% from $312.1 million for the same period last year to $339.9 million, beating analysts’ estimates of $339.65 million. In addition, the company said that its organic sales increased 5.7% to $332.5 million for the third quarter. The rise was mainly motivated by the higher sales of analytics products, CTS and wealth management solutions.

As for the earnings, the company announced its diluted earnings per share to be $1.91 per share, increasing from $1.66 per share for the same period last year. Adjusted earnings per share increased 17.8% from $1.85 per share to $2.18 per share, beating analysts’ estimates of $2.13 per share.

“We made good progress on our annual and medium term goals this quarter. The restructuring actions we initiated this quarter help us to optimize costs and benefit margins in the future. With our balanced capital allocation framework including our robust share buyback program and an increase in dividends, we continued to return value to shareholders,” Maurizio Nicolelli, the CFO of the company, said on Tuesday.

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