UPDATE: FactSet Posts Higher FQ3 Revenue

FactSet Research Systems

reported a rise in its fiscal third-quarter adjusted earnings. FactSet's quarterly profit came in at $51.5 million, or $1.21 per share, versus a year-ago profit of $53.4 million, or $1.20 per share. Its adjusted earnings gained 11% to $1.25 per share, from $1.13 per share. Its operating income climbed to $73.0 million from $71.6 million. Its revenue climbed 8% to $231.8 million. However, analysts were expecting earnings of $1.25 per share on revenue of $230.7 million. FactSet's US revenue rose 6% to $156.3 million, while non-US revenue increased to $75.5 million. The company's press release offered the following comment from Philip Hadley, Chairman and CEO: "I'm pleased to see that our ASV growth rate accelerated to 7% and adjusted EPS grew by 11% in the just completed third quarter." FactSet added 30 net new clients and 620 new users in the quarter. It now projects Q4 earnings of $1.30 to $1.32 per share on revenue of $235 million to $240 million. FactSet appointed Phil Snow as its president, effective July 1. Annual Subscription Value was $932 million at May 31, 2014. Philip Hadley added, "During Phil Snow's tenure at FactSet, he has held many roles within the global sales organization. He has a stellar track record of executing growth strategies and consistently improving the performance of the teams he has managed. I am delighted that he has agreed to accept the additional responsibilities of this role to help lead FactSet into its next phase of growth." FactSet shares rose 0.22% to close at $113.01 yesterday.