35° Good Morning
35° Good Morning

Broadridge posts higher revenue, profit following acquisition

Broadridge Financial Solutions Inc. CEO Richard Daly at

Broadridge Financial Solutions Inc. CEO Richard Daly at the Lake Success office on Nov. 6, 2009. Credit: Maria Lopez

Broadridge Financial Solutions Inc. on Thursday announced its profit for the April-June period rose compared with a year earlier on higher revenue from an acquisition.

The Lake Success-based company reported a profit of $187 million for the final three months of its 2017 fiscal year, an increase of 10 percent from the prior year.

Revenue climbed to $1.3 billion, a 38 percent gain year over year.

“Broadridge ended fiscal 2017 on a strong note, driving record results,” CEO Richard J. Daly said in a statement. He said the company is positioned “well for future growth.”

Broadridge delivers annual reports, proxy statements and other documents to shareholders on behalf of public companies, and processes transactions for financial institutions.

The company has a large processing center in Edgewood, where about 2,000 people work.

For the 2017 fiscal year, Broadridge reported its profit rose 6 percent from 2016 to $327 million.

Revenue for the year was up 43 percent to $4 billion.

Daly said the improved quarterly and annual results were due in part to Broadridge’s 2016 acquisition of the North American Customer Communications business of DST Systems Inc. of Kansas City, Missouri. The deal was valued at $410 million.

The earnings announcement came before the stock market opening on Thursday. Broadridge shares closed down $2.37, or more than 3 percent, to $72.28 on the New York Stock Exchange. They are up nearly 5 percent for the 12-month period.

More news