TODAY'S PAPER
Overcast 30° Good Morning
Overcast 30° Good Morning
Business

Broadridge Financial Solutions profit rises on deal, demand

Richard Daly, CEO of Broadridge Financial Solutions Inc.,

Richard Daly, CEO of Broadridge Financial Solutions Inc., left, speaks to Evan Cornog, dean of the school of communication at Hofstra University, before Daly spoke at Hofstra University's distinguished lecture series in Hempstead Wednesday, Feb. 15, 2017. Photo Credit: Barry Sloan

Broadridge Financial Solutions Inc. on Wednesday reported its profit rose in the January-March period because of a recent acquisition and increased demand for its investor communication services.

The Lake Success-based sender of proxy statements, annual reports and other documents to shareholders on behalf of public companies said its profit was $76 million in the three months ended March 31. That’s a 19 percent increase over the same period in 2016.

Sales increased 46 percent in the quarter to $1 billion, year over year.

CEO Richard J. Daly said, “We reported very healthy revenue growth, driven by the acquisition of NACC [North American Customer Communications] and organic growth of our recurring fee revenues.”

Broadridge increased its share of U.S. and Canadian homes that receive investor documents with its June 2016 purchase of the NACC business of Kansas City, Missouri-based DST Systems Inc. for $410 million.

Broadridge employs about 2,000 local people at a processing center in Edgewood.

The company’s shares rose $2.40, or 3.5 percent, to $70.76 on Wednesday on the New York Stock Exchange. The stock is up more than 17 percent in the past 12 months.

More news

Sorry to interrupt...

Your first 5 are free

Access to Newsday is free for Optimum customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE