UPDATE: FactSet Posts In-Line Q1 Earnings

FactSet Research Systems

reported in-line earnings for the first quarter. The Norwalk, Connecticut-based company posted quarterly net income of $55.9 million, up from $52.2 million, in the year-earlier period. Diluted earnings per share climbed to $1.32 from $1.19. Adjusted diluted EPS jumped 11.9% y/y. Its revenue surged 8.8% to $242.7 million. However, analysts were expecting earnings of $1.32 per share on revenue of $241.44 million. US revenue rose 7% to $163.7 million, while non-US revenue surged to $79.0 million. Quarterly free cash flow increased 25.9% to $66.4 million. Operating income gained to $80.3 million from $74.7 million. During the quarter, FactSet repurchased 379,854 shares for $48.4 million. At November 30, 2014, Annual Subscription Value totaled $970.2 million, an 8.5% rise organically over the previous year. "Our first quarter performance was a strong start to the fiscal year," said Philip Hadley, Chairman and CEO. "The underlying growth rate of our business continues to expand and translated into double digit EPS growth for the 18th consecutive quarter. FactSet projects Q2 earnings of $1.35 to $1.37 per share on revenue of $244 million to $248 million. FactSet shares gained 0.34% to close at $135.10 yesterday.