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,” Chief Executive Phil Snow said. “While the macro environment is challenging, FactSet has a history of growth even in volatile markets.”
Write to Will Feuer at Will.Feuer@wsj.com