Sept 19 (Reuters) - FactSet Research Systems ( FDS )
reported a higher-than-expected fourth-quarter profit on
Thursday, as more traders signed up for its financial data and
analytics in anticipation of the U.S. Federal Reserve kicking
off interest rate cuts.
Shares rose around 3.2% to $461.01 before the bell. The
stock has lost nearly 6.34% so far this year, compared with a
17.79% gain for the benchmark S&P 500 index.
A highly anticipated interest rate cut, which the Federal
Reserve delivered on Wednesday, kept investors confident in the
health of the economy, fueling demand for market-related
analytical tools.
Excluding one-time costs, the Norwalk, Connecticut-based
company earned $3.74 per share in the three months ended August
31, beating LSEG estimates of $3.62.
Organic annual subscription value (ASV) plus professional
services rose 4.8% to $2.27 billion during the quarter. ASV is a
forward-looking indicator for sales for the next 12 months from
the current subscription services.
The company expects adjusted earnings per share of $16.80 to
$17.40 for the fiscal year 2025, compared with analysts'
expectations of $17.36.
It forecast annual revenue between $2.29 billion and $2.31
billion versus the estimate of $2.3 billion.
FactSet's revenue rose 4.9% to $562.2 million for the
quarter.