Broadridge Financial's profit rises 17%

Broadridge Financial Solutions, which processes financial and investor

Broadridge Financial Solutions, which processes financial and investor documents at plants in Edgewood in 2012. "Our sales pipeline is robust and growing, and we anticipate closing at least one large transaction this fiscal year," which ends June 30, chief executive Richard J. Daly said Friday, May 10, 2014. Photo Credit: Newsday / Alejandra Villa

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Profit at Broadridge Financial Solutions Inc. climbed 17 percent in the January-March period compared with a year earlier on higher demand for its services, which include processing investor documents and securities.

The Lake Success-based company Friday reported a profit of $51 million for its fiscal third quarter, which ended March 31. It earned $43 million during the same period in 2013.

Sales for the quarter rose 5 percent to $606 million.

In addition to its headquarters in Nassau County, Broadridge has factories in Edgewood and Brentwood where about 1,500 people assemble and send to shareholders annual reports, proxy statements and other documents from public companies.

They also tally shareholder votes and process securities transactions for banks and investment houses.

Broadridge has expanded through organic growth and acquisitions. Richard J. Daly, chief executive, said Friday, "Our sales pipeline is robust and growing, and we anticipate closing at least one large transaction this fiscal year," which ends June 30.

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In February, the company purchased Emerald Connect, a group of websites for financial advisers, for $60 million.

Broadridge has focused on providing its services via the Internet as customers move away from paper documents.

Daly said he expects Broadridge to end the 2014 fiscal year "achieving the upper half of our revenue and earnings-per-share guidance ranges." Earlier this year, he predicted sales would be 4 percent to 5 percent higher than a year ago.

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"In our seven years as a public company, our confidence in our business is higher today than it has ever been," Daly told stock analysts.

He announced a $5 million increase in the amount Broadridge plans to invest in its business units this year, to $33 million.

Broadridge shares closed up 19 cents, or less than 1 percent, to $38.50 on Friday in New York Stock Exchange trading.

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