FactSet Research Systems
stock was falling Tuesday after the financial information application cut its fiscal-year outlook.
FactSet
said Tuesday that it now expects fiscal 2024 earnings of between $13.95 to $14.35 a share, compared with prior expectations of $14.20 to $14.70 a share. Revenue estimates for the year of $2.2 billion to $2.21 billion were lower than prior expectations of $2.21 billion to $2.23 billion.
“In an environment of continued macroeconomic uncertainty, I remain confident in the health of our business and our strategy, and I am optimistic about our ability to grow our business,” Chief Executive Phil Snow said in a press release.
FactSet reported fiscal first-quarter earnings of $4.12 a share on revenue of $542.2 million. Analysts were expecting earnings of $4.11 a share on revenue of $540.3 million.
The company also said it expects incur charges of $10 million to $15 million in its effort to cut costs in the second quarter. Some of the cost cuts will be personnel-related, FactSet said.
Shares of FactSet were down 2.9% to $445 in premarket trading Tuesday. Coming into the session, the stock has gained 14% this year.
Write to Angela Palumbo at [email protected]
Read the full article here