FactSet Q1 Profit, Revenue Up - Quick Facts

(RTTNews) - FactSet Research Systems Inc. (FDS), a provider of integrated global financial information and analytical applications, Tuesday reported increased profit for the first quarter, benefiting from higher revenues.

Net income for the quarter advanced to $52.18 million from $49.77 million in the previous year. Earnings per share rose to $1.19 $1.11.

Adjusted earnings totaled $53.3 million or $1.22 per share. On average, 15 analysts polled by Thomson Reuters expected earnings of $1.24 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues grew to $222.98 million from $211.09 million in the prior year. Wall Street expected revenues of $223.63 million.

Philip Hadley, Chairman and CEO, said, ''Our investment discipline and proven business model continues to generate shareholder value as illustrated by our 10% adjusted EPS growth. Our buy-side client base is experiencing a healthy business cycle, but we are facing a challenging sell-side environment, which reduced organic ASV."

Looking ahead to the second quarter, GAAP earnings per share are estimated to range between $1.20 and $1.23. The expected lapse in the U.S. Federal R&D tax credit during the second quarter of fiscal 2014 reduced each end of the GAAP earnings per share range by $0.03, the firm noted.

Revenues for the quarter are expected in the range of $225 million to $228 million.

Wall Street expects second-quarter earnings of $1.25 per share on revenues of $226.87 million.

On December 16, the Board of Directors approved a $300 million expansion to the existing share repurchase program. Including the recently approved $300 million expansion to the program, $305 million remains authorized for future repurchases.

Over the last 12 months, FactSet has returned $421 million to shareholders in the form of share repurchases and dividends.