Broadridge Financial Solutions Inc. on Friday reported that its profit for the January-March period rose 6 percent compared with a year earlier due to strong demand for its investor communication services.
The Lake Success-based company earned $54 million in the quarter, compared with 2014's $51 million.
Sales totaled $634 million, a 5 percent increase year over year.
Broadridge's quarterly performance missed the estimates of some Wall Street analysts.
The company distributes annual reports, proxy statements and other information to shareholders of public companies. It also processes financial transactions for Wall Street firms.
"We are delivering on our capital commitments including making tuck-in acquisitions and returning capital to shareholders through dividends and share repurchases," chief executive Richard J. Daly said Friday. "I am confident in Broadridge's ability to achieve our long-term strategy. We are off to a solid start towards achieving our three-year performance objectives, which include recurring fee growth of 7 percent to 10 percent and earnings growth of 9 percent to 11 percent."
The earnings announcement came before the stock market opening. Broadridge shares closed at $51.03, down 5.7 percent on the New York Stock Exchange.