Broadridge Financial Solutions Inc (NYSE:BR) shares are trading higher after it reported first-quarter results.
The company reported revenue that fell 1% year over year to $1.42 billion, missing the consensus of $1.48 billion.
Recurring revenues increased 3% to $900 million, while Distribution revenues fell 3% to $460 million. Event-driven segment revenues declined 28% to $63 million in the quarter.
The company’s closed sales rose 21% to $57 million in the quarter. Adjusted operating income fell 7% to $185 million, with margin contracted to 13.0% from 13.9% a year ago.
Adjusted EPS of $1.00 (-8% Y/Y) topped the consensus of $0.97.
As of September-end, Broadridge held $292.8 million in cash and equivalents.
FY25 Outlook: Broadridge Financial Solutions raised recurring revenue constant currency growth outlook to 6% – 8% (vs. 5% – 7% prior) and reiterated adjusted EPS growth guidance of 8% – 12%.
Tim Gokey, Broadridge CEO, said, “We continue to execute on our strategy to democratize and digitize investing, simplify and innovate trading, and modernize wealth management. That execution is driving our results in the form of strong sales, a growing sales pipeline, and continued product innovation.”
Investors can gain exposure to the stock via Motley Fool Mid-Cap Growth ETF (BATS:TMFM) and Bahl & Gaynor Small/Mid Cap Income Growth ETF (NYSE:SMIG).
Price Action: BR shares are up 3.01% at $215.94 at the last check Tuesday.
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