Broadridge Financial Solutions Inc. Thursday reported a 75 percent increase in profit for the October-to-December period on greater demand for its shareholder communication services.
The Lake Success-based processor of investor documents, votes and financial transactions said it earned $28 million in the second quarter of its 2014 fiscal year, compared with $16 million in the same period a year ago.
Sales rose 6 percent, year over year, to $521 million in the three months ended Dec. 31.
"We are off to a great start to the fiscal year," chief executive Richard J. Daly told stock analysts during a conference call. "Broadridge's revenue model is very stable; providing backbone support to Wall Street never goes away."
He also said Broadridge would continue to purchase complementary businesses that can be folded into its operations. A small acquisition occurred last summer, and Daly said Thursday, "I would be disappointed if we are not able to close an additional tuck-in transaction in 2014."
Broadridge is Long Island's seventh-largest public company based on sales. It employs about 2,000 people, primarily in processing centers in Edgewood and Brentwood.
Daly said Broadridge had raised estimates for its full-year financial performance. It now expects to report earnings per share of $2.15 to $2.25, an increase of 15 cents per share from August's estimate. Sales are anticipated to climb 4 percent to 5 percent, a gain over the earlier estimate of 2 percent to 4 percent.
The earnings report was released before stock markets opened. Broadridge shares closed up 58 cents, or 1.63 percent, to $36.12 per share in New York Stock Exchange trading Thursday.
Daly, in the conference call, lauded the 30-year service of veteran chief financial officer Dan Sheldon, who said Wednesday he was stepping down after returning briefly to work from medical leave.