March 16, 2010 / 12:04 PM / in 8 years

UPDATE 1-FactSet Research Q2 beats; sees to meet Q3 profit view

* Q2 rev $157.3 mln vs est $156.4 mln

* Q2 EPS $0.75 vs est. $0.74

* Sees Q3 rev $157 mln-$161 mln vs est. $158 mln

March 16 (Reuters) - FactSet Research Systems Inc FDS.N, which provides financial information to the investment community, posted quarterly results that beat expectations and forecast third-quarter profit almost in line with market estimates.

“Although the market is still stabilizing, we believe we are beginning to see some benefits from our efforts and investments during the downturn ... and the highest quarterly user growth in two years,” Chief Executive Phil Hadley said.

For the third quarter, the company expects earnings of 75 cents to 77 cents a share, on revenue of $157 million to $161 million.

Analysts on average are looking for earnings of 76 cents a share, on revenue of $158 million, according to Thomson Reuters I/B/E/S.

For the second quarter ended Feb. 28, the company’s net income rose to $36.1 million, or 75 cents a share, from $34.5 million, or 71 cents a share, a year ago.

Revenue was about flat at $157.3 million. [ID:nWNAB9863]

Analysts on average were expecting earnings of 74 cents a share, on revenue of $156.36 million, according to Thomson Reuters I/B/E/S.

Annual subscription value -- which the company defines as revenue for the next 12 months from all annual subscription services currently being supplied to clients -- rose $14 million during the quarter, and the number of users rose by 1,400 to 38,800.

FactSet competes with Thomson Reuters TRI.TO TRIL.L TRI.N, privately owned Bloomberg, RiskMetrics Group Inc and Dealogic Plc DL.L.

Shares of the Norwalk, Connecticut-based company closed at $71.62 Monday on the New York Stock Exchange. (Reporting by Mansi Dutta in Bangalore; Editing by Unnikrishnan Nair)

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