FactSet Q2 Adj. Profit Rises, Organic Revenue Up 9.9%; Updates FY22 Outlook

(RTTNews) - FactSet (FDS) said its second-quarter adjusted EPS increased 20.2% year-on-year to $3.27, primarily due to higher revenues, margin expansion and a decreased tax rate. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $2.97, for the quarter. Analysts' estimates typically exclude special items. Adjusted operating margin was 33.7% compared to 32.6%, prior year.

"Our accelerating top-line growth and focus on cost and productivity initiatives delivered adjusted margin expansion," said Linda Huber, CFO, FactSet.

Net income increased to $109.9 million from $96.6 million, last year. Earnings per share increased 13.6% to $2.84 compared to $2.50.

Revenues increased 10.0%, to $431.1 million from $391.8 million, a year ago. The company said the increase was primarily due to higher sales of research and advisory and analytics solutions. Organic revenue grew 9.9% to $430.8 million. Analysts on average had estimated $426.38 million in revenue.

Annual Subscription Value plus professional services was $1.8 billion at February 28, 2022, compared to $1.6 billion at February 28, 2021. Organic ASV plus professional services was $1.7 billion at February 28, 2022, a growth rate of 9.4%.

FactSet updated its outlook for fiscal 2022. Adjusted EPS is expected to be in the range of $12.75 to $13.15. EPS is expected to be in the range of $9.75 to $10.15. Revenues are projected to be in the range of $1.80 billion to $1.83 billion. Organic ASV plus professional services is expected to increase in the range of $130 million to $150 million over fiscal 2021.