FactSet 4Q Profit Rises More Than Expected

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FactSet Research Systems Inc said fourth-quarter profit rose 18 percent, edging past analysts' expectations, as it expanded its client base in a weak market for financial services.

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FactSet, which provides data to portfolio managers, research analysts and investment bankers, forecast first-quarter earnings of $1.10 to $1.12 per share on revenue of $210 million to $213 million.

Analysts on average were expecting earnings of $1.11 per share on revenue of $212.60 million, according to Thomson Reuters I/B/E/S.

Financial information providers are under pressure as their customers, including big banks, have cut staff to cope with weak sales due to the euro-zone crisis and stiffer regulation.

Morgan Stanley, Goldman Sachs and Deutsche Bank have cut expenses and jobs over the last year.

Still, FactSet said it added 57 net customers and 1,100 users in the quarter.

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The company gets almost its entire revenue from monthly subscriptions by clients who use its workstations, content and applications.

Thomson Reuters Corp , the owner of Reuters News and a rival to FactSet, said in July that conditions in Europe deteriorated more than anticipated and it expects sales to financial institutions to continue declining for the rest of this year.

FactSet's fourth-quarter profit rose to $48.5 million, or $1.08 per share, a bove expectations of $1.06 per share.

Revenue rose 8 percent to $207.7 million, in line with estimates.

Shares of the Norwalk, Connecticut-based company closed at $102.80 on the New York Stock Exchange on Monday.