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FactSet (FDS) Q3 Earnings Beat on High Volumes, Revenues Miss
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FactSet Research Systems, Inc. (FDS - Free Report) delivered robust results in the third quarter of fiscal 2024, driven by high volume through sales to institutional assets managers, asset owners, partners and corporates.
The earnings beat, however, failed to impress the market as the company’s shares declined 2% since the release of results on Jun 21.
FDS’s earnings per share (excluding 28 cents from non-recurring items) of $4.4 surpassed the consensus mark by 11.8%. It increased 15.3% on a year-over-year basis. The company’s revenues of $552.7 million missed the Zacks Consensus Estimate by a slight margin. The top line gained 4.3% from the year-ago quarter.
The Americas segment’s revenues were $356.5 million, up 5.6% year over year. This compares favorably with our estimate of $353.7 million, suggesting 4.7% growth from the year-ago quarter’s actual. The rise in this segment’s revenues was led by gains from asset owners and wealth managers. Organic Annual Subscription Value (ASV) was $1.4 billion, increasing 5.7% from the year-ago quarter. This figure missed our estimate of $1.5 billion, suggesting an 8.8% year-over-year rise. Organic revenues in the segment grew 5.5% year over year.
The EMEA segment’s revenues were $141.2 million, gaining 2.3% from the year-ago quarter. This, however, compares unfavorably with our estimate of $143.3 million, implying 3.8% growth on a year-over-year basis. The price increase, sales to asset owners and higher ASV from the analytics product suite resulted in this segment’s revenue growth. Organic ASV amounted to $565.7 million, up 4.4% year over year. This metric missed our estimate of $584.3 billion, indicating an 8% rise on a year-over-year basis. Organic revenues in the segment increased 2.4% from the year-ago quarter.
The Asia Pacific segment’s revenues were $55 million, up 1.7% year over year. This compares unfavorably with our expectation of revenues of $58.6 million, suggesting 8.3% year-over-year growth. Acceleration from buy-side firms, driven by front-office solutions and growing transactional revenues, drove revenues in this segment. Organic ASV amounted to $219.2 million, up 6.1% year over year. This figure missed our estimate of $226.7 million, indicating an 8.1% year-over-year increase. Organic revenues in the segment gained 3% on a year-over-year basis.
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FactSet (FDS) Q3 Earnings Beat on High Volumes, Revenues Miss
FactSet Research Systems, Inc. (FDS - Free Report) delivered robust results in the third quarter of fiscal 2024, driven by high volume through sales to institutional assets managers, asset owners, partners and corporates.
The earnings beat, however, failed to impress the market as the company’s shares declined 2% since the release of results on Jun 21.
FDS’s earnings per share (excluding 28 cents from non-recurring items) of $4.4 surpassed the consensus mark by 11.8%. It increased 15.3% on a year-over-year basis. The company’s revenues of $552.7 million missed the Zacks Consensus Estimate by a slight margin. The top line gained 4.3% from the year-ago quarter.
FactSet Research Systems Inc. Revenue (TTM)
FactSet Research Systems Inc. revenue-ttm | FactSet Research Systems Inc. Quote
The Americas segment’s revenues were $356.5 million, up 5.6% year over year. This compares favorably with our estimate of $353.7 million, suggesting 4.7% growth from the year-ago quarter’s actual. The rise in this segment’s revenues was led by gains from asset owners and wealth managers. Organic Annual Subscription Value (ASV) was $1.4 billion, increasing 5.7% from the year-ago quarter. This figure missed our estimate of $1.5 billion, suggesting an 8.8% year-over-year rise. Organic revenues in the segment grew 5.5% year over year.
The EMEA segment’s revenues were $141.2 million, gaining 2.3% from the year-ago quarter. This, however, compares unfavorably with our estimate of $143.3 million, implying 3.8% growth on a year-over-year basis. The price increase, sales to asset owners and higher ASV from the analytics product suite resulted in this segment’s revenue growth. Organic ASV amounted to $565.7 million, up 4.4% year over year. This metric missed our estimate of $584.3 billion, indicating an 8% rise on a year-over-year basis. Organic revenues in the segment increased 2.4% from the year-ago quarter.
The Asia Pacific segment’s revenues were $55 million, up 1.7% year over year. This compares unfavorably with our expectation of revenues of $58.6 million, suggesting 8.3% year-over-year growth. Acceleration from buy-side firms, driven by front-office solutions and growing transactional revenues, drove revenues in this segment. Organic ASV amounted to $219.2 million, up 6.1% year over year. This figure missed our estimate of $226.7 million, indicating an 8.1% year-over-year increase. Organic revenues in the segment gained 3% on a year-over-year basis.
Currently, FactSet carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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