UPDATE: FactSet Research Reports Upbeat Q1 Profit, Issues Strong Q2 Forecast

FactSet Research Systems Inc

reported a better-than-expected first-quarter profit and issued strong second-quarter outlook. FactSet's quarterly net income surged to $45.5 million, or $0.99 per share, from $41.6 million, or $0.88 per share, in the year-ago period. Excluding items, FactSet earned $1.10 per share, versus analysts' estimates of $0.99 per share. Its revenue gained 13% to $196.4 million, versus analysts' estimates of $197.2 million. Its US revenue came in at $134 million. FactSet projects Q2 adjusted profit of $1.10 to $1.12 per share on revenue of $197 to $200 million. However, analysts were expecting a profit of $1.01 per share on revenue of $201.3 million. FactSet shares dropped 0.13% to $94.63 in after-hours trading.