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08.05.2024 07:00
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PR Newswire
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Broadridge Reports Third Quarter Fiscal 2024 Results
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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 ARIVA.DE Börsen-GeflüsterWerbung Weiter aufwärts?
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| | 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
- Total revenues increased 5% to $1,726 million from $1,646 million.
- Recurring revenues increased $44 million, or 4%, to $1,126 million. Recurring revenue growth constant currency (Non-GAAP) was 4%, all organic, driven by Net New Business and Internal Growth.
- Event-driven revenues increased $15 million, or 29%, to $67 million, driven by equity proxy contests in the quarter.
- Distribution revenues increased $21 million, or 4%, to $533 million, driven by the postage rate increase of approximately $30 million offset by lower communications volumes.
- Operating income was $303 million, an increase of $16 million, or 6%. Operating income margin increased to 17.5%, compared to 17.4% for the prior year period, primarily due to higher Recurring revenues and higher event-driven revenues.
- Adjusted Operating income was $370 million, an increase of $25 million, or 7%. Adjusted Operating income margin was 21.4% compared to 21.0% for the prior year period. The combination of higher distribution revenue and higher float income had a net benefit of 20 basis points.
- Interest expense, net was $35 million, a decrease of $3 million, primarily due to a decrease in average borrowings, partially offset by an increase in interest expense from higher borrowing costs.
- The effective tax rate was 19.8% compared to 20.6% in the prior year period. The effective tax rate for the three months ended March 31, 2024 was primarily driven by a higher excess tax benefit related to equity compensation, relative to pre-tax income, as compared to the prior year period.
- Net earnings increased 8% to $214 million and Adjusted Net earnings increased 9% to $267 million.
- Diluted earnings per share increased 7% to $1.79, compared to $1.67 in the prior year period, and
- Adjusted earnings per share increased 9% to $2.23, compared to $2.05 in the prior year period.
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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