By Will Feuer
FactSet Research Systems Inc. posted a lower fiscal third-quarter profit despite higher sales, as charges tied to trimming the company’s real-estate footprint in the age of hybrid work took a toll.
The Norwalk, Conn.-based company, whose offerings include analytics and data products, said net profit was $ 74.9 million for the quarter ended May 31, compared with 100.7 million in the prior year. Earnings were $ 1.93 on a per-share basis, compared with 2.62.
The company said it booked $ 48.8 million in impairment charges related to “exiting office space to right-size the real estate footprint for the hybrid work environment.”
Stripping out charges related to vacating leased office space as well as amortization of intangible assets and other one-time charges, adjusted earnings were $ 3.76 a share. Analysts polled by FactSet were expecting adjusted earnings of $ 3.22 a share.
Revenue rose 22.3%, to $ 488.8 million. Analysts were looking for 477 million, according to FactSet.
Annual subscription value plus professional services were $ 1.94 billion at the end of the quarter, compared with $ 1.62 billion the same time last year.
“Our double-digit ASV growth demonstrates the value of our offerings and continued strong demand from our clients,” said Chief Executive Phil Snow. “While the macro environment is challenging, FactSet has a history of growth even in volatile markets.”
Write to Will Feuer at [email protected]