Author: Eddy Elfenbein
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Still more earnings. This morning, Broadridge Financial Solutions (BR) reported fiscal Q2 earnings of 73 cents per share. That topped Wall Street’s estimates of 70 cents per share.
CEO Tim Gokey said that Broadridge now expects sales and earnings growth to be at the “higher end” of their full-year guidance. The current guidance is for revenue growth of 3% to 6% and earnings growth of 6% to 10%.
“Broadridge delivered 7% Recurring revenue growth and 38% Adjusted EPS growth in the second quarter.
“We are executing well on our targeted growth plans across Governance, Capital Markets, and Wealth & Investment Management. As we enter our seasonally more significant second half of the year, we will continue to invest to support our long-term growth strategies,” Mr. Gokey added.
“Our Fiscal 2021 outlook puts us squarely on track to achieve the three-year growth objectives we presented at our investor day two months ago, including 7-9% Recurring revenue and 8-12% Adjusted EPS growth,” Mr. Gokey concluded.
Last fiscal year (ending in June), Broadridge made $5.03 per share. So that higher end of guidance roughly translates to earnings this fiscal year of $5.43 to $5.53 per share. For the first six months of this year, the company has made $1.70 per share.
This isn’t an outstanding report like BR’s last one, but it’s a good one.