FactSet Research Systems, a data and analytics provider based in Norwalk, Connecticut, has released its financial outlook for the upcoming fiscal year, revealing an anticipated increase in earnings per share but falling short of analysts' expectations due to escalating expenses.
The company expects earnings per share for fiscal 2024 to range between $14.20 and $14.70, marking an increase from the previous fiscal year's earnings of $12.03 per share. However, adjusted earnings for the forthcoming year are projected to fall between $15.65 and $16.15 per share, which is below analysts' prediction of $16.70 per share.
On the revenue front, FactSet has set its targets for fiscal 2024 between $2.21 billion and $2.23 billion. This estimate is marginally lower than the analysts' forecast of $2.23 billion according to a survey conducted by FactSet itself. In comparison, the company's revenue for fiscal 2023 was reported at $2.09 billion.
Further emphasizing its growth strategy, FactSet anticipates an increase in the organic annual subscription value plus professional services between $130 million and $175 million during fiscal 2024. This projection underscores the company's strategic focus on expanding its subscription base and enhancing its professional services portfolio.
The modest financial outlook presented by FactSet Research Systems reflects the company's ongoing struggle with rising operational costs as it continues to innovate and expand its data products and analytics offerings.
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