FactSet Research Systems posted higher revenue and earnings in its fiscal first quarter, lifted by a rising tally of wealth-management users tapping the company’s data platform.
The Norwalk, Conn.-based company, whose offerings include analytics and data products, posted a profit of $148.6 million, or $3.84 a share, for the three months ended Nov. 30, compared with $136.8 million, or $3.52 a share, in the same period last year.
Stripping out one-time items, including amortization, adjusted earnings came to $4.12 a share. Analysts surveyed by FactSet expected adjusted earnings of $4.11 a share.
Revenue rose more than 7% to $542.2 million, compared with the $540.3 million expected by analysts, according to FactSet.
Annual subscription value plus professional services was $2.18 billion at the end of the quarter, up from $2.04 billion a year ago.
User count rose by 17,111 to 207,083 during the quarter, driven by an increase in wealth management users.
“We remain vigilant about evolving market conditions as we direct investment toward our most competitive offerings, including AI,” Chief Financial Officer Linda Huber said.