NORWALK, Conn. (AP) — FactSet Research Systems Inc. said Tuesday that its fiscal third-quarter profit rose 11 percent on higher revenue both in the U.S. and overseas.
Its outlook for fourth-quarter revenue was slightly below Wall Street forecasts and its shares tumbled.
For the quarter ended May 31, the financial information company reported net income of $48 million, or $1.05 per share, up from $43.3 million, or 92 cents per share, in the same quarter last year.
Revenue rose 10 percent to $202.3 million from $183.6 million. U.S. revenue rose 10 percent to $138.2 million, while international revenue rose 11 percent to $64.1 million.
The profit beat Wall Street predictions by a penny per share. Analysts, on average, expected earnings of $1.04 per share on $202.9 million in revenue, according to a FactSet poll.
The Norwalk, Conn.-based company said it had a net increase of 11 clients during the quarter, bringing its client count to 2,335.
For the fiscal fourth quarter, FactSet said it expects to post earnings of between $1.06 and $1.08 per share. Revenue is expected to total between $204 million and $208 million.
Analysts polled by FactSet expect earnings of $1.07 per share on $210.2 million in revenue.
FactSet shares dropped $10.11, or 9.7 percent, to $94.46 in midday trading, after falling as low as $93.52 earlier in the day. Over the past 52 weeks, the company's shares have traded between $78.25 and $109.20.
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