FactSet Research Systems Inc. (FDS), a financial digital platform and enterprise solutions provider, reported Thursday that its third-quarter net income surged 80 percent to $134.66 million from last year's $74.91 million.
Earnings per share were $3.46, up 79.3 percent from the prior year's $1.93.
Adjusted net income was $147.67 million or $3.79 per share, compared to $145.79 million or $3.76 per share in the prior year.
On average, 17 analysts polled by Thomson Reuters expected earnings of $3.61 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew 8.4 percent to $529.81 million from last year's $488.75 million. The increase was primarily due to Analytics & Trading and Content & Technology solutions.
The Street was looking for revenues of $527.33 million for the quarter.
Further, FactSet updated its fiscal 2023 outlook, and now expects adjusted earnings per share growth of 10 percent-13 percent.
Earnings per share on a reported basis is now expected to be in the range of $12.25 to $12.65, a $0.20 decrease at the midpoint from the prior guidance of $12.45 - $12.85.
Adjusted earnings per share is expected to be in the range of $14.75 to $15.15, a $0.25 increase at the midpoint from the prior guidance of $14.50 - $14.90
Revenues are now expected to be at the lower end of the range of $2.08 billion to $2.10 billion.
Analysts expect earnings of $14.88 per share on revenues of $2.09 billion for the year.
Organic ASV growth and GAAP revenues are now expected to be at the lower end of previously communicated ranges.
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