Broadridge Financial Solutions, Inc. (BR - Free Report) reported impressive second-quarter fiscal 2022 results, with earnings and revenues beating the Zacks Consensus Estimate.
Adjusted earnings of 83 cents (excluding 43 cents from non-recurring items) per share beat the consensus estimate by 2.5% and rose 13.7% year over year. Total revenues of $1.3 billion surpassed the consensus mark by 4.3% and were up 19.4% year over year. The company generated closed sales of $83 million in the quarter, up 87% year over year.
Shares of the company have gained 8.7% in the past year compared with 20.7% growth of the industry it belongs to.
Let’s check out the numbers in detail.
Revenues by Segment
Revenues in the Investor Communication Solutions segment increased 15% from the year-ago quarter’s level to $893 million. Global Technology and Operations segment revenues came in at $371 million, up 30% from the year-ago quarter’s figure. The upside was mainly driven by the Itiviti acquisition.
Revenues by Type
Recurring fee revenues of $798 million increased 19% from the year-ago quarter’s level. The uptick can be attributed to new business as well as internal and acquisition-related growth. Event-driven fee revenues came in at $65 million, up 44% year over year. The surge was backed by increased mutual fund proxy activity and mutual fund communications. Distribution revenues increased 17% year over year to $401 million. The uptick was primarily due to the increase in customer communications mailings and the recent postage rate increase.
Operating Results
Adjusted operating income of $141 million increased 19% year over year. Adjusted operating income margin stayed flat year over year at 11.2%.
Balance Sheet and Cash Flow
Broadridge exited the quarter with cash and cash equivalents of $281.2 million compared with $317 million at the end of the prior quarter. The long-term debt was $4.16 billion compared with $4.2 billion at the end of the prior quarter.
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Broadridge Financial Solutions, Inc. (BR - Free Report) reported impressive second-quarter fiscal 2022 results, with earnings and revenues beating the Zacks Consensus Estimate.
Adjusted earnings of 83 cents (excluding 43 cents from non-recurring items) per share beat the consensus estimate by 2.5% and rose 13.7% year over year. Total revenues of $1.3 billion surpassed the consensus mark by 4.3% and were up 19.4% year over year. The company generated closed sales of $83 million in the quarter, up 87% year over year.
Shares of the company have gained 8.7% in the past year compared with 20.7% growth of the industry it belongs to.
Let’s check out the numbers in detail.
Revenues by Segment
Revenues in the Investor Communication Solutions segment increased 15% from the year-ago quarter’s level to $893 million. Global Technology and Operations segment revenues came in at $371 million, up 30% from the year-ago quarter’s figure. The upside was mainly driven by the Itiviti acquisition.
Revenues by Type
Recurring fee revenues of $798 million increased 19% from the year-ago quarter’s level. The uptick can be attributed to new business as well as internal and acquisition-related growth. Event-driven fee revenues came in at $65 million, up 44% year over year. The surge was backed by increased mutual fund proxy activity and mutual fund communications. Distribution revenues increased 17% year over year to $401 million. The uptick was primarily due to the increase in customer communications mailings and the recent postage rate increase.
Operating Results
Adjusted operating income of $141 million increased 19% year over year. Adjusted operating income margin stayed flat year over year at 11.2%.
Balance Sheet and Cash Flow
Broadridge exited the quarter with cash and cash equivalents of $281.2 million compared with $317 million at the end of the prior quarter. The long-term debt was $4.16 billion compared with $4.2 billion at the end of the prior quarter.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.2% per year. So be sure to give these hand picked 7 your immediate attention.
See them now >>
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