Tags: FactSet | Shares | Outlook

FactSet Shares Fall on Disappointing Outlook

Tuesday, 12 Jun 2012 05:02 PM

FactSet Research Systems Inc., 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 Tuesday's 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. 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.

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