Broadridge Financial sales, profits rise

Broadridge Financial Solutions Inc., a Lake Success-based provider of investor communications and securities processing, reported higher sales and profits for its second fiscal quarter Thursday on increased business and distribution fees.

The earnings results, however, missed analysts' expectations and the company's shares fell 5.09 percent during regular trading Thursday to close at $22.36.

The company had revenues of $493 million in the quarter ending Dec. 31, a 3 percent increase from $480 million in the same period last year. Broadridge also reported profits of $16 million, or 13 cents a share, compared to $7 million in the year-earlier period.

Analysts polled by Marketwatch.com had on average expected earnings of 17 cents per share.

Chief executive Richard Daly said in a news release that he was disappointed with delays in closing large contracts during the first half of the year.

"During the first half of the year, we did not close any sales with revenue greater than $5 million, compared to the same period last year when we closed $22 million of such large sales," he said.

Broadridge, which employs around 2,000 people on Long Island, received a large tax benefits package last year as the company was being courted to move to states such as Virginia and Florida. The company has a stock market value of about $2.7 billion.