Stock Market Today: Why FactSet and Amira Nature Foods Stocks are on the Move
The Dow Jones Industrial Average has lost 30 points in pre-market trading, suggesting a negative start to the stock market today. Global indexes didn't budge much overnight as trading volumes bumped along close to their lows for the year. Asian shares fell slightly and European stocks were higher by 0.2% as of 8:30 a.m. EDT. Meanwhile, FactSet Research Systems and Amira Nature Foods are both on the move this morning after delivering their quarterly numbers.
FactSet today posted quarterly earnings results that met Wall Street's expectations exactly. The financial information and analytics provider saw adjusted earnings improve by 11% to $1.25 a share. Revenue ticked higher by 8% to reach $230 million. CEO Philip Hadley said in a press release that management was "pleased" with FactSet's fiscal third-quarter results, particularly the 7% year-over-year organic growth that the company booked in annual subscriptions. That metric is critical to FactSet's success, and it improved slightly from the prior quarter's 6% growth rate. Looking ahead, the company forecast sales of up to $240 million for the current quarter, along with as much as $1.32 a share in profit. Again, both figures were right in line with what analysts had targeted. The stock was unchanged in pre-market trading.
Amira Nature Foods handily beat earnings expectations this morning, delivering a 33% quarterly sales bump and a near-doubling of profit to $0.47 a share. Wall Street was instead looking for just $0.19 in earnings and a 20% sales improvement from the Indian specialty rice maker. Amira saw strong demand for its products in the quarter, but also benefited from substantially higher rice prices. The company's international expansion kicked in some growth, too, particularly from Europe. Amira confirmed its outlook for its current fiscal year that calls for adjusted earnings growth of "more than 20%," and management still believes that it can reach $1 billion in annual sales over the long term. The stock was up 30% in pre-market trading.
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The article Stock Market Today: Why FactSet and Amira Nature Foods Stocks are on the Move originally appeared on Fool.com.Demitrios Kalogeropoulos has no position in any stocks mentioned. The Motley Fool recommends FactSet Research Systems. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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