UPDATE: FactSet Posts Rise In Q1 Profit, Issues Downbeat Q2 Forecast

FactSet Research Systems FDS reported a rise in its first-quarter profit and issued downbeat forecast for the current quarter. FactSet expects Q2 earnings of $1.11 to $1.13 per share, on revenue of $212 million of $215 million. However, analysts were projecting earnings of $1.13 per share on revenue of $216.3 million. FactSet's quarterly net income climbed to $49.8 million, or $1.11 per share, versus $45.5 million, or $0.99 per share, in the year-ago period. Excluding items, the company earned $1.22 per share. Its revenue climbed 7.5% to $211.1 million. However, analysts were expecting earnings of $1.11 per share on revenue of $212.3 million. FactSet shares dropped 5.14% to $91.44 at 9:46 am.