FactSet Research Systems (FDS), which provides financial information and analytics software for investment professionals, Tuesday reported better-than-expected second quarter earnings, though the top line fell shy of the street consensus.
The company reported earnings of $2.42 per share, up 14.2% year-over-year, surpassing analysts’ expectation of $2.34 per share. Revenue rose 5.9% to $354.9 million during the second quarter. Analysts had expected the top line to hit $356.92 million.
The growth in top line was spurred by higher sales of analytics, content and technology solutions (CTS) and wealth management solutions.
FDS shares ended its last trading session down 0.6% on Monday. The stock has gained 11% since the beginning of this year.
Annual Subscription Value (ASV) plus professional services organically grew 5% to $1.44 billion at the end of February 28, 2019. In the US, ASV improved 5.8% to $890.5 million.
CFO Helen Shan said, “Ongoing cost discipline efforts are yielding results and we believe we are well positioned to continue growing and returning value to shareholders.”
For fiscal 2019, The Norwalk, Connecticut-based company expects revenues in the range of $1.41 billion to $1.45 billion. GAAP EPS is seen in the range of $8.70 and $8.85, while adjusted EPS is projected between $9.50 and $9.65.