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Broadridge Financial sees higher revenue, profit in third quarter
Broadridge Financial Solutions Inc., a Lake Success-based company that provides investor communications and securities processing, reported higher sales and profits for its third fiscal quarter -- driven by increased business and distribution fees.
The company reported revenues of $576.7 million for the quarter ended March 31, a 5.4 percent increase from the same period in 2012. Profits were $43.3 million, or 35 cents a share, up from $16.7 million in the year-ago quarter.
Shares of Broadridge, one of Long Island's largest public companies by sales, rose 2.69 percent during trading Tuesday to close at $26. The report beat analysts' expectations for sales of $560 million and earnings of 29 cents per share.
Chief executive Richard Daly said he was pleased with the quarter's results and the company would maintain its financial guidance for the rest of its fiscal year.
"We remain confident in our ability to achieve our full-year closed-sales guidance, which will require closing at least one of the large pending transactions," he said. "Our sales pipeline remains robust, and our client revenue retention rate remains high at approximately 99 percent."
Broadridge received a tax benefits package from New York State to stay on Long Island when it was considering moving a key operation to another state. The company employs around 2,000 people locally and has a stock market value of about $3.2 billion.