PR Newswire
NEW YORK, May 8, 2024
Recurring revenues grew 4%; up 4% constant currency
Diluted EPS rose to $1.79 and Adjusted EPS increased 9% to $2.23
Q3 Closed sales rose 29%; up 19% year-to-date
Expecting FY'24 Recurring revenue growth constant currency at the low end of 6-9% guidance range, Adjusted EPS growth at the middle of 8-12% range, and record Closed sales
NEW YORK, May 8, 2024 /PRNewswire/ -- Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the third quarter ended March 31, 2024 of its fiscal year 2024. Results compared with the same period last year were as follows:
Summary Financial Results | | Third Quarter | | Nine Months | | ||
Dollars in millions, except per share data | | 2024 | 2023 | Change | 2024 | 2023 | Change |
| | | | | | | |
Recurring revenues | | $1,126 | $1,082 | 4 % | $2,896 | $2,728 | 6 % |
Constant currency growth (Non-GAAP) | | | | 4 % | | | 6 % |
Total revenues | | $1,726 | $1,646 | 5 % | $4,563 | $4,222 | 8 % |
| | | | | | | |
Operating income | | $303 | $287 | 6 % | $576 | $482 | 19 % |
Margin | | 17.5 % | 17.4 % | | 12.6 % | 11.4 % | |
| | | | | | | |
Adjusted Operating income (Non-GAAP) | | $370 | $345 | 7 % | $743 | $668 | 11 % |
Margin (Non-GAAP) | | 21.4 % | 21.0 % | | 16.3 % | 15.8 % | |
| | | | | | | |
Diluted EPS | | $1.79 | $1.67 | 7 % | $3.14 | $2.58 | 22 % |
Adjusted EPS (Non-GAAP) | | $2.23 | $2.05 | 9 % | $4.24 | $3.81 | 11 % |
| | | | | | | |
Closed sales | | $80 | $62 | 29 % | $185 | $156 | 19 % |
"Broadridge reported 4% Recurring revenue growth and 9% Adjusted EPS growth in a quarter that was modestly impacted by the timing of annual meetings," said Tim Gokey, Broadridge CEO. "Closed sales rose 29% as we continue to execute on our strategy to democratize and digitize governance, simplify and innovate trading in capital markets, and modernize wealth management.
"Entering our fourth quarter, Broadridge is poised to deliver another year of steady and consistent growth. For fiscal 2024, we expect Recurring revenue growth constant currency at the low end of our 6-9% guidance range and are reaffirming our outlook for Adjusted EPS growth at the middle of our 8-12% range, as well as record Closed sales of $280-320 million. We also expect to deliver on our full year objective of 100% free flow conversion, positioning Broadridge to return additional capital to shareholders while funding tuck-in M&A," Mr. Gokey added.
"Broadridge remains well-positioned for long-term growth and is on track to deliver on our three-year growth objectives including 5-8% organic Recurring revenue growth, 7-9% total Recurring revenue growth constant currency, and 8-12% Adjusted EPS growth."
Fiscal Year 2024 Financial Guidance
| | FY'24 Guidance | Updates |
Recurring revenue growth constant currency (Non-GAAP) | | 6 - 9% | Low end of range |
Adjusted Operating income margin (Non-GAAP) | | ~20% | No Change |
Adjusted Earnings per share growth (Non-GAAP) | | 8 - 12% | Middle of range |
Closed sales | | $280 - $320M | No Change |
Financial Results for Third Quarter Fiscal Year 2024 compared to Third Quarter Fiscal Year 2023
Segment and Other Results for Third Quarter Fiscal Year 2024 compared to Third Quarter Fiscal Year 2023
Investor Communication Solutions ("ICS")
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