FactSet Raises Full-Year Earnings Guidance

FactSet (FDS) raised its full-year earnings guidance on Tuesday as it posted better-than-expected results for its fiscal third quarter which was supported by higher sales of analytics and technology solutions.

The Norwalk, Conn,-based company, which provides financial information and analytics, said it is now targeting revenue of $1.42 billion to $1.44 billion, compared with earlier guidance issued in March for revenue of $1.41 billion to $1.45 billion. Adjusted earnings per share are expected to be between $9.80 to $9.90, up from earlier guidance of $9.50 to $9.65.

FactSet shares were up nearly 1.6% in pre-market trading.

The comany said it generated revenue of $364.5 million in the three months ended May 31, up 7.2% from the corresponding quarter last year and ahead of the consensus estimate of analysts polled by Capital IQ for $359.3 million.

The sales increase was primarily attributed to higher sales of analytics, content and technology solutions and

wealth-management solutions. Organic revenues grew 7.3% to $366.3 million during the third quarter from the year before.

Adjusted earnings per share came in at $2.62, up 20.2% from last year and ahead of analyst expectations of $2.37.