Third Quarter Fiscal 2019 Highlights
Revenues increased 7.2% or $24.6 million to $364.5 million compared with $339.9 million for the same period in fiscal 2018. The increase is primarily due to higher sales of analytics, content and technology solutions (CTS) and wealth management solutions. Organic revenues grew 7.3% to $366.3 million during the third quarter of fiscal 2019 from the prior year period.
Annual Subscription Value (ASV) plus professional services increased to $1.45 billion at May 31, 2019 compared with prior year of $1.38 billion. Third quarter organic ASV plus professional services grew $4.5 million primarily driven by analytics and wealth solutions. The organic growth rate, which excludes the effects of acquisitions, dispositions, and foreign currency, was 5.6%.
Operating margin increased to 32.2% compared with 27.4% for the same period last year. Adjusted operating margin improved to 34.0% compared with 31.0% in the prior year period primarily as a result of improved operating results and favorable foreign exchange rates.
Diluted earnings per share (EPS) advanced to $2.37 compared with $1.91 for the same period in fiscal 2018. Adjusted diluted EPS rose 20.2% to $2.62 compared with $2.18 in the prior period driven primarily by stronger operating results.
The Company’s effective tax rate for the third quarter was 18.6% compared with 16.5% a year ago. Both periods include one-time tax expense items.
FactSet increased its quarterly dividend by $0.08 per share or 12.5% to $0.72 marking the 14th consecutive year the Company has increased dividends, highlighting its continued commitment to returning value to shareholders.
FactSet updated its annual guidance certain key metrics. Please see the “Business Outlook” section of this press release for details.
The Company’s Board of Directors approved a $210 million increase to the existing share repurchase program.
“FactSet’s ability to perform well this year amid sector and industry headwinds serves as a proof point that our long-term strategy is working,” said Phil Snow, FactSet CEO. “We are encouraged that our smarter, connected data and technology solutions continue to resonate with clients as we help them drive efficiency and increase value in an ever-changing environment.”
FactSet Achieves Solid Revenue and Strong EPS Growth in Third Quarter 2019
