Broadridge Financial sales, profits rise
Sen. Charles Schumer (D-N.Y.) visits Broadridge’s facility last month. He helped keep the company on Long Island. (Oct. 23, 2012) Credit: Daniel Brennan
Broadridge Financial Solutions Inc., which processes and distributes financial reports for companies, reported higher sales and profits Tuesday for the quarter ended Sept. 30.
The Lake Success company had sales of $495.8 million, a 4 percent increase over the same period in 2011, when revenue was $476.4 million. The company earned $18.3 million last quarter, or 14 cents per share, compared to $16.7 million a year earlier, 13 cents per share.
Broadridge credited its growth to both recurring and "event driven" fees, and to distribution.
"Our pipeline for all sales -- large and small -- is strong," chief executive Richard Daly said in a news release. "Due to the seasonal nature of our business, our first quarter makes the smallest quarterly contribution to our annual results."
Broadridge, one of the largest public companies on Long Island, also reaffirmed its 2013 guidance, maintaining growth estimates in revenue.
Earlier this year, Broadridge received a large benefits package, including state tax credits and savings on utility and property taxes, for agreeing to maintain two key facilities on Long Island and to create more jobs. Broadridge was being courted by officials from Florida and Virginia and had considered a move. All told, the company employs about 2,000 locally.
Shares of Broadridge, after rising initially, fell 1.24 percent to close at $23.04 Tuesday.
