FactSet Research Drops Most in a Decade After Forecast
FactSet Research Systems Inc. (FDS), a provider of financial data, dropped the most in more than a decade after it forecast fourth-quarter revenue and profit that trailed analysts’ estimates, citing the “volatile” economy.
FactSet Research tumbled 13 percent to $91.70 at the close in New York, the biggest one-day retreat since Sept. 17, 2001. The shares have gained 5.1 percent this year.
Earnings excluding certain items will be as much as $1.17 a share for the fiscal quarter ending Aug. 31, the Norwalk, Connecticut-based company said in a statement today. That compared with an average analyst estimate of $1.21, according to data compiled by Bloomberg.
Revenue for the period will be as much as $208 million, according to the statement. Analysts had projected an average of $210.5 million.
FactSet Research competes with Bloomberg LP, the parent of Bloomberg News.
To contact the reporter on this story: Niamh Ring in New York at nring@bloomberg.net
To contact the editor responsible for this story: Kevin Miller at kmiller@bloomberg.net
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