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FactSet posts higher adjusted income YOY in fiscal Q2'17, sets fiscal Q3 outlook

FactSet Research Systems Inc. reported net income of $66.7 million, or $1.68 per share, for the second quarter of fiscal 2017, compared with $67.8 million, or $1.63 per share, in the year-ago quarter.

Adjusted net income for the quarter increased 8.7% to $71.8 million, or $1.81 per share, from $66.1 million, or $1.59 per share, in the prior-year period.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was $1.80.

FactSet's board approved a $300 million expansion to the company's existing share repurchase program, increasing the amount available for share repurchases to $336.5 million. The company repurchased 479,822 shares for $81.1 million during the second quarter under its existing share repurchase program.

For the third quarter of fiscal 2017, FactSet expects GAAP EPS in the range of $1.68 to $1.74, and adjusted EPS in the range of $1.80 to $1.86.

The S&P Capital IQ consensus normalized EPS estimate for the third fiscal quarter is $1.84.

The company expects revenues in the range of $301 million to $307 million, with approximately $6 million in revenues expected to be added from BISAM Technologies, which was recently acquired by the company.