Broadridge Financial Solutions profit, revenues grow
A Broadridge Financial Solutions employee at a plant in Lake Success on May 9, 2012. 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.
Maura McDermott covers education. Since joining Newsday in 2012, she also has worked on the investigations team and covered real estate and the business of health care.
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