FactSet posts uptick in fiscal 3rd-quarter profit as research firm adds clients

FactSet posts uptick in fiscal 3Q profit

NORWALK, Conn. — FactSet Research Systems Inc. posted a slight rise in quarterly net income Tuesday, saying it added clients to its financial research and analytics services.

In a welcome sign of confidence, FactSet said it hired 209 new people during its fiscal third quarter, which ended for the company in May.

FactSet earned $38.7 million, or 81 cents per share, compared with $38.5 million, or 79 cents per share, a year ago. That’s above the average forecast from analysts of 77 cents per share, according to Thomson Reuters.

The company’s revenue climbed 4 percent to $160.3 million, matching the average forecast. Its client count at the end of the quarter was up about 1 percent to 2,075.

CEO Philip Hadley said the company’s investments during the downturn are starting to pay off as “the health of our clients has begun to improve.” FactSet’s customers include professionals in the financial sector, such as fund managers and analysts.

For the quarter ending in August, the company projected earnings of between 78 cents and 80 cents per share on revenue of $165 million to $169 million. Analysts were looking for 78 cents on revenue of $162.6 million.

FactSet also said its board has approved another $150 million to buy back stock, bringing the total available to $198 million. The company said it bought back $46.4 million worth of its own shares in the fiscal third quarter.