Broadridge Earns 98 Cents per Share

This morning, Broadridge Financial Solutions (BR) reported fiscal Q1 earnings of 98 cents per share. That’s a huge beat. Wall Street had been expecting 63 cents per share.

“Broadridge reported strong first quarter results including 8% Recurring revenue growth and record first quarter earnings,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Our continued growth highlights the long-term trends driving our business and the strength of our recurring revenue business model. In addition, our strong cost actions helped drive significant margin expansion. This positive start to the fiscal year gives us additional confidence in our full year guidance and enables us to increase our level of investment in our people, platforms, and technology.

“We have updated our outlook to reflect our increased confidence in our full year results. Our updated guidance now calls for Recurring revenue growth of 3-6% and Adjusted EPS growth of 6-10%,” Mr. Gokey added. “By investing now, we will be even better positioned to address our clients’ accelerating need for next-generation mutualization, resiliency, and digital transformation.”

Broadridge now expects earnings growth this year of 6% to 10%. The previous range was 4% to 10%. The shares are currently up about 1% while the market is down 1%.

Posted by on October 30th, 2020 at 11:00 am


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