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NORWALK, Conn. (AP) — More new customers lifted FactSet Research Systems' net income 19 percent in its fiscal fourth quarter, beating Wall Street's view.
For the three months ended Aug. 31, the financial information provider earned $48.5 million, or $1.08 per share. That's up from $40.9 million, or 88 cents per share, in the prior-year period.
Analysts expected earnings of $1.07 per share, according to a FactSet poll. Collecting ratings and estimates on companies from Wall Street research analysts is one of the services FactSet provides its customers, including The Associated Press.
FactSet Research Systems Inc. said Tuesday that it added 57 new clients during the quarter, not counting gains from its StreetAccount acquisition in July. It was the increase for a quarter since the end of 2006, FactSet said.
The company's customers include banks, investment managers, hedge funds and other financial companies. It added new clients even as many financial firms have cut jobs and spending as the European debt crisis, stock market volatility and new regulation hurt investment banking results.
Revenue climbed 8 percent to $207.7 million from $191.9 million, about matching Wall Street's average estimate of $207.5 million. U.S. revenue rose 7 percent in the quarter, while revenue from outside the U.S. climbed 10 percent.
For the whole fiscal year, net income rose 10 percent to $188.8 million, or $4.12 per share, from $171 million, or $3.61 per share, in the previous year.
Annual revenue rose 11 percent to $805.8 million from $726.5 million.
Looking forward, the Norwalk, Conn., company anticipates earnings in the current quarter of between $1.10 and $1.12 per share on revenue in a range of $210 million to $213 million.
That's roughly in line with analysts' profit prediction of $1.11 per share on revenue of $213.4 million.
Still, investors may have expected more. Shares fell $3.78, or 3.7 percent, to $99.02 in morning trading. The stock had risen about 18 percent in 2012.