Broadridge Financial Solutions, Inc.’s (BR) third-quarter fiscal 2024 earnings met the Zacks Consensus Estimate, while revenues missed the same.BR’s adjusted earnings (adjusting 44 cents from non-recurring items) of $2.2 per share increased 8.8% from the year-ago quarter. Total revenues of $1.7 billion missed the consensus mark by 1.8% and were up 4.9% year over year.Recurring revenues of $1.1 billion increased 4% year over year on a reported and constant-currency basis.The stock of the company has gained 3 ...

Broadridge Financial Solutions (BR) reported $1.73 billion in revenue for the quarter ended March 2024, representing a year-over-year increase of 4.9%. EPS of $2.23 for the same period compares to $2.05 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $1.76 billion, representing a surprise of -1.77%. The company has not delivered EPS surprise, with the consensus EPS estimate being $2.23.While investors closely watch year-over-year changes in headline numbers -- revenue and earning ...

In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities le ...

Financial Performance - Adjusted Operating income increased by $75 million (11%) to $743 million, with a margin of 16.3%, up from 15.8% in the prior year period[1] - Adjusted earnings per share rose 11% to $4.24 compared to $3.81 in the prior year period[2] - Total revenues increased by $232 million (8%) to $3,330 million[3] - Operating income increased by $93 million (19%) to $576 million, with a margin of 12.6%, up from 11.4%[7] - Net earnings increased 22% to $375 million, while Adjusted Net earnings rose 12% to $506 million[9] - Net earnings for the nine months ended March 31, 2024, were $374.9 million, compared to $306.5 million for the same period in 2023[55] - Adjusted operating income (Non-GAAP) for the three months ended March 31, 2024, was $369.5 million, compared to $344.8 million for the same period in 2023[60] - Total revenues increased 5% to $1,726 million from $1,646 million for the third quarter of fiscal year 2024[75] - Diluted earnings per share increased 7% to $1.79, and Adjusted earnings per share increased 9% to $2.23 for the third quarter of fiscal year 2024[99] - Earnings before income taxes increased by $101 million (27%) to $481 million, primarily from higher Recurring and event-driven revenues[111] - Loss before income taxes increased to $140 million, primarily due to a Litigation Settlement Charge of $8 million and higher Interest expense, partially offset by the absence of Russia-Related Exit Costs[113] Revenue Growth - Event-driven revenues grew by $57 million (38%) to $209 million, driven by higher mutual fund proxy and equity proxy contests[4] - Wealth and Investment Management revenues rose 9% and 10%, respectively, driven by Net New Business and Internal Growth[5] - Recurring revenues increased by $37 million (9%) to $425 million, with constant currency growth of 9%[6] - Recurring revenues in Investor Communication Solutions increased by $60 million (4%) to $1,663 million, with constant currency growth of 4%[10] - Data-driven fund solutions revenue rose 8% and 7% in GAAP and constant currency terms, respectively, driven by growth in retirement and workplace products[10] - Total ICS Revenues increased by 4% to $1,301.4 million for the three months ended March 31, 2024, compared to $1,257.2 million in the same period in 2023[36] - Data-driven fund solutions revenue grew by 4% to $106.2 million for the three months ended March 31, 2024, compared to $102.0 million in 2023[36] - Equity and other revenues surged by 58% to $46.0 million for the three months ended March 31, 2024, compared to $29.2 million in 2023[36] - Total GTO Recurring revenues increased by 9% to $425.1 million for the three months ended March 31, 2024, compared to $388.5 million in 2023[36] - Recurring revenue growth (GAAP) was 4% for the three months ended March 31, 2024, with no impact from foreign currency exchange[46] - Recurring revenue growth (GAAP) for Global Technology and Operations was 8%, and for Capital Markets, it was 12% for the three months ended March 31, 2024[54] - Investor Communication Solutions revenue for the three months ended March 31, 2024, was $1,301.4 million, up from $1,257.2 million in the same period in 2023[57] - Global Technology and Operations revenue for the three months ended March 31, 2024, was $425.1 million, up from $388.5 million in the same period in 2023[57] - Recurring revenue growth (GAAP) for the nine months ended March 31, 2024 was 6%, with constant currency growth (Non-GAAP) also at 6%[69] - Event-driven revenues increased $15 million, or 29%, to $67 million, driven by equity proxy contests in the quarter[76] - Distribution revenues increased $21 million, or 4%, to $533 million, driven by a postage rate increase of approximately $30 million[72] - Event-driven revenues increased by $15 million (29%) to $67 million, driven by equity proxy contests[110] - Distribution revenues increased by $116 million (9%) to $1,457 million, driven by a postage rate increase of approximately $85 million and higher event-driven mailings[111] - Recurring revenues increased by $108 million (10%) to $1,233 million, with constant currency growth of 9% driven by Net New Business and Internal Growth[112] Segment Performance - Regulatory segment grew by 3% driven by equity position growth of 6%, partially offset by delayed proxy communications shifting into Q4[105] - Capital Markets segment increased by 10% and 9% respectively, driven by Net New Business and Internal Growth, benefiting from higher trading volumes[106] - Data-driven fund solutions grew by 4% primarily due to growth in retirement and workplace products[109] Operational Metrics - Closed sales grew by 29% to $79.6 million for the three months ended March 31, 2024, compared to $61.6 million in 2023[38] - Closed sales rose 29% for the third quarter of fiscal year 2024, with year-to-date closed sales up 19%[79] - Pre-tax margin for Investor Communication Solutions improved to 20.8% for the three months ended March 31, 2024, from 20.3% in the same period in 2023[57] - Operating income margin increased to 17.5% from 17.4% for the prior year period, primarily due to higher Recurring and event-driven revenues[77] Financial Position - Total assets decreased slightly from $8,233.2 million in June 2023 to $8,215.4 million in March 2024[50] - Cash and cash equivalents decreased from $252.3 million in June 2023 to $235.6 million in March 2024[50] - Accounts receivable increased from $974.0 million in June 2023 to $1,165.1 million in March 2024[50] - Long-term debt increased from $2,234.7 million in June 2023 to $3,513.9 million in March 2024[50] Guidance and Risks - Broadridge's reliance on a relatively small number of clients and the continued financial health of those clients are key risks[47] - Adjusted Operating income margin guidance (Non-GAAP) excludes approximately $270 million impact of Amortization of Acquired Intangibles and other costs[43] - FY24 guidance for Recurring revenue growth constant currency (Non-GAAP) is at the low end of the 6-9% range, with Adjusted EPS growth at the middle of the 8-12% range[75] Tax and Other Costs - The effective tax rate was 19.8% compared to 18.8% in the prior year period, driven by an increase in pre-tax income relative to total discrete tax benefits[73] - Russia-Related Exit Costs were $1.5 million for the three months ended March 31, 2023, and $10.8 million for the nine months ended March 31, 2023[64] - Adjusted Operating Income excludes Acquisition and Integration Costs, Russia-Related Exit Costs, Litigation Settlement Charge, and Restructuring Costs to enhance comparability across fiscal periods[108] Liquidity and Cash Flow - Free cash flow is used as a liquidity measure to inform decisions on dividends, share repurchases, strategic acquisitions, and debt servicing[104]

NEW YORK, April 19, 2024 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE:BR) is scheduled to release its financial results for the third quarter of fiscal year 2024 on Wednesday, May 8, 2024. Broadridge will host a webcast and conference call to discuss those results at 8:30 a.m. ET on May 8, 2024. Tim Gokey, Chief Executive Officer, and Edmund Reese, Chief Financial Officer, will participate on the call. To listen to the live event and access the slide presentation, visit Broadridge's Investor R ...

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NEW YORK and LONDON and TOKYO, April 14, 2024 /PRNewswire/ -- Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that SBI SECURITIES Co., Ltd. has selected Broadridge's post-trade solution to launch its equities brokerage services to clients in the UK, through its subsidiary SBI Shinsei International Limited. This is in addition to the existing relationship with Broadridge to process Japanese equities transactions in Hong Kong and Singapore. SBI Shinsei International Limite ...

NEW YORK, April 11, 2024 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR), a global Fintech leader, announced that Hope Jarkowski has been appointed Chief Legal Officer, effective May 6, 2024. Jarkowski succeeds Keir Gumbs, who served as Chief Legal Officer until November 2023. Hope Jarkowski Jarkowski will oversee Broadridge's legal, compliance, regulatory, and government affairs. She will also serve as the primary legal advisor to senior management and the Board of Directors and will he ...

NEW YORK, April 8, 2024 /PRNewswire/ -- Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR), announced the appointment of Frank Troise as President of Broadridge Trading & Connectivity Solutions and Vice Chairman of Broadridge Capital Markets, effective April 29, 2024. Mr. Troise succeeds Ray Tierney, who will serve in an advisory capacity, following a successful three-year tenure. Troise will spearhead the Trading & Connectivity business through the next chapter of its mission to simplify ...

Broadridge Financial Solutions, Inc.’s (BR) shares have had an impressive run over the past year. The stock has gained 41%, significantly outperforming the 14.8% rally of the industry it belongs to and the 24.7% growth of the Zacks S&P 500 composite.Let’s take a look at some factors that make the stock an attractive pick.Solid Rank & VGM Score: Broadridge currently carries a Zacks Rank #2 (Buy) and has a VGM Score of B. Our research shows that stocks with a VGM Score of A or B, when combined with a Zacks Ra ...