FactSet Research Systems Inc. (NYSE: FDS) announced its financial results for the second quarter of fiscal 2018.
According to the company, revenue for the second quarter increased 13.9% from $294.4 million for the same period last year to $335.2 million, surpassing analysts’ estimates of $334.8 million. In addition, organic revenues rose 5.7% to $310.4 million for the second quarter. FactSet contributed the increase mainly to higher sales of analytics products and content and technology solutions.
The company also announced net income of $1.33 per share, compared with $1.68 per share for the same period last year. Adjusted earnings per share for the quarter increased 17.1% to $2.12 per share, beating analysts’ estimates of $2.05 per share. According to the company, the drop in the earnings per share was mainly due to non-recurring tax items from the recently enacted U.S. Tax Cuts and Jobs Act.
“We accelerated our ASV growth rate and increased market share with global wins across our product portfolio. As we look to the second half of our fiscal year, we continue to be focused on driving growth by strengthening our product suite and integrating our acquisitions,” Phil Snow, the CEO of FactSet, said in the statement on Tuesday.