FactSet Research Systems (NYSE: FDS) shares are trading higher after the company reported better-than-expected third-quarter earnings per share and sales results and issued guidance.
FactSet Research Systems reported quarterly earnings of $3.76 per share which beat the analyst consensus estimate of $3.23. The company reported quarterly sales of $488.80 million which beat the analyst consensus estimate of $473.08 million. Also, Organic Annual Subscription Value plus professional services were $1.9 billion on May 31, 2022, compared with $1.6 billion a year ago.
FactSet expects full-year 2022 revenue to be between $1.80 billion and $1.83 billion, versus the consensus of $1.81 billion.
Phil Snow, the Chief Executive Officer, said "Our double-digit ASV growth demonstrates the value of our offerings and continued strong demand from our clients. While the macro environment is challenging, FactSet has a history of growth even in volatile markets. We are well-positioned to navigate anticipated headwinds given our strong recurring revenue model."
FactSet provides financial data and portfolio analytics to the global investment community. The company aggregates data from third-party data suppliers, news sources, exchanges, brokerages, and contributors into its workstations. In addition, it provides essential portfolio analytics that companies use to monitor portfolios and address reporting requirements.
The stock was trading about 6.77% higher at $384.29 per share on Thursday at the time of publication.
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