NORWALK, Conn. - FactSet (NYSE:FDS), a global provider of financial data and analytics, reported a rise in second-quarter earnings, with adjusted earnings per share (EPS) exceeding analyst expectations.
The company announced its second-quarter results for the fiscal year 2024, ending February 29, 2024, with adjusted EPS of $4.22, surpassing the consensus estimate of $3.88. However, revenue for the quarter was slightly below the analyst estimate, coming in at $545.9 million against the expected $546.7 million.
The company's GAAP revenues saw a 6.0% increase from the same quarter last year, amounting to a $30.9 million rise. Organic Annual Subscription Value (ASV) plus professional services reached $2,209.5 million, marking a 5.4% growth year over year (YoY). FactSet's GAAP operating margin improved by approximately 50 basis points YoY to 33.3%, while the adjusted operating margin saw a more significant increase of approximately 130 basis points to 38.3%.
FactSet's CEO, Phil Snow, attributed the strong quarter to the company's role as an "anchor partner for our clients in all market conditions," expressing optimism about growth potential and investments in the platform, including generative AI technology.
For the fiscal year 2024, FactSet anticipates revenue to be at the lower end of the previously published guidance range, expecting $2.2 to $2.21 billion, which aligns with the lower end of the analyst consensus of $2.21 billion. The company's CFO, Linda Huber, highlighted careful expense management as a key factor in allowing continued investment in strategic opportunities.
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