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Business

Broadridge Financial Solutions profit, revenues grow

A Broadridge Financial Solutions employee at a plant

A Broadridge Financial Solutions employee at a plant in Lake Success on May 9, 2012. Photo Credit: Newsday / Alejandra Villa

Broadridge Financial Solutions Inc.’s profits grew by 18 percent year-over-year, to $64 million, in the January-March period, the company reported Thursday.

The Lake Success-based company, which produces annual reports, proxy statements and other shareholder documents for investors in public companies, said its sales increased by 9 percent annually, to $689 million, in the third quarter of its fiscal year. The growth in sales was due to higher revenues from event-driven fees and recurring fees, as well as distribution revenues, Broadridge said.

The company has “a high level of confidence” that its full-year adjusted earnings per share will grow around the middle of the 8 percent to 12 percent range in its guidance, president and CEO Richard J. Daly said in a statement.

Diluted earnings per share increased to 52 cents, a gain of 9 cents compared with the same period last year.

In its third fiscal quarter, the company bought back 1.6 million shares of its common stock at an average share price of $54.80.

The company’s stock price fell to $59 in early trading, from its closing price of $59.58 Wednesday. It has gained about 11 percent in the last 12 months.

In addition to investor communications, Broadridge tallies shareholder votes for public companies and processes financial transactions for financial institutions. A majority of U.S. public companies use Broadridge, and it has grown internationally.

Broadridge employs about 2,000 people in Edgewood and Lake Success.

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