FactSet Q4 Profit Misses Estimates; Organic Revenue Up 7.2%

FactSet (FDS) reported that its fourth quarter net income declined to $65.1 million from $104.4 million, prior year. GAAP earnings per share decreased 37.5% to $1.68, mainly due to non-recurring charges and the higher tax provision, which had a $0.68 impact. Adjusted net income was $113.6 million, down 6.5%. Adjusted EPS decreased 6.4% to $2.93, compared with $3.13, last year, mainly due to non-recurring charges and the higher tax provision, which had a $0.68 impact. On average, 15 analysts polled by Thomson Reuters expected the company to report profit per share of $3.50, for the quarter. Analysts’ estimates typically exclude special items.

Fourth quarter GAAP revenues increased 7.3%, to $535.8 million. The company said the increase was primarily due to higher sales of Analytics & Trading and Content & Technology solutions. Organic revenue grew 7.2% to $535.2 million. Analysts on average had estimated $535.28 million in revenue.

Annual Subscription Value plus professional services was $2.2 billion at August 31, 2023, compared with $2.01 billion at August 31, 2022.

For fiscal 2024, the company expects: GAAP EPS to be in the range of $14.20 to $14.70; and adjusted EPS in the range of $15.65 to $16.15. Organic ASV plus professional services is expected to grow in the range of $130 million to $175 million during fiscal 2024. GAAP revenues are expected to be in the range of $2.21 billion to $2.23 billion.

Shares of FactSet are down 3% in pre-market trade on Thursday.

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