FactSet Research Systems Inc.'s board has approved a $300 million increase to the company's share repurchase program.
Including this increase, $431 million is currently available for share repurchases. The company plans to repurchase its stock in the range of $325 million to $375 million over the next 12 months.
The company also now expects fiscal full-year GAAP EPS in the range of $6.95 and $7.15, lower than its previous forecast of between $7.60 and $7.80, and adjusted EPS in the range of $8.35 and $8.55, up from between $8.25 and $8.45.
The S&P Capital IQ consensus normalized EPS estimate for fiscal 2018 is $8.37.
The updated guidance includes the impact of recently enacted federal tax reform. Adjusted EPS for fiscal 2018 includes an estimated 26-cent impact from the adoption of an accounting standard update that affects the accounting for employee share-based payment transactions.
FactSet still expects GAAP revenues to be in the range of $1.34 billion to $1.36 billion for the year.
The company reported net income of $53.1 million, or $1.33 per share, for its fiscal second quarter, up from $66.7 million, or $1.68 per share, in the prior-year period.
Adjusted net income for the most recent quarter rose year over year to $84.3 million, or $2.12 per share, from $71.8 million, or $1.81 per share.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was $2.06.