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FactSet Q3 Profit Beats Estimates; Raises 2019 Earnings Guidance

FactSet (FDS) reported that its third-quarter adjusted EPS rose 20.2% year-on-year driven primarily by stronger operating results. Revenues increased 7.2% primarily due to higher sales of analytics, content and technology solutions (CTS) and wealth management solutions. The company increased fiscal 2019 adjusted earnings per share guidance with the mid-point now 15% above prior year.

For the third-quarter, adjusted EPS was $2.62 compared to $2.18, a year ago. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $2.36 for the quarter. Analysts' estimates typically exclude special items.

Third-quarter revenues were $364.5 million compared to $339.9 million, last year. Analysts expected revenue of $359.25 million for the quarter. Organic revenues grew 7.3% to $366.3 million.

For fiscal 2019, adjusted EPS is now expected to be in the range of $9.80 and $9.90. In March, the company projected adjusted EPS in the range of $9.50 and $9.65. Fiscal 2019 GAAP revenue is now expected to be in the range of $1.42 billion and $1.44 billion. In March, the company projected GAAP revenues to be in the range of $1.41 billion and $1.45 billion.

Analysts polled by Thomson Reuters expect the company to report profit per share of $9.59 on revenue of $1.43 billion.

On June 24, 2019, the Board of FactSet approved an increase of $210 million to the company's existing share repurchase program. Currently $300 million is available for share repurchases.

Shares of FactSet were up 4% in pre-market trade on Tuesday.

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