Broadridge Financial Solutions, the US-headquartered fintech company that delivers technology-driven solutions to banks, broker-dealers, asset and wealth managers and public companies, has released its financial result for the third quarter of its fiscal year (FY) 2022 which ended on 31 March.
According to the results, Broadridge’s total revenues increased by 10% to $1,534 million from $1,390 million within its third quarter when compared to the same period in FY 2021.
Additionally, the company’s recurring revenues grew by 16% to $1,012 million from $872 million in the same period in 2021.
Broadridge had posted a 17% jump in revenue in its first-quarter results for FY 2021.
When compared to the last nine months of its FY 2022, the increase in its total revenue stood at 15%, rising from $3,462 to $3,986 million.
While net earnings increased by 7% to $177 million, the global fintech’s adjusted net earnings jumped higher by 10% to $228 million.
The company’s closed sales figure for the third quarter stands at $58 million, which is a 33% jump from the $43 million recorded in FY 2021. On the contrary, on a year-to-date level, closed sales grew by 42%.
Broadridge Adjusts Shares Projections
Broadridge’s diluted earning per share (EPS) grew by 6% to $1.49 from $1.40. However, Adjusted EPS was capped 10% higher from $1.76 to $1.93.
Tim Gokey, Broadridge's Chief Executive Officer, said the company’s growth is being propelled by "long-term trends" and the continued execution of the company's strategy.
“Broadridge delivered another strong quarter, with 16% recurring revenue and 10% Adjusted EPS growth,” Gokey added.
Furthermore, Gokey believes that as a global fintech company, it is poised to deliver another year of strong growth.
“Based on our strong performance to date and visibility into our seasonally larger fourth quarter, we continue to expect fiscal year 2022 recurring revenue growth at the high end of our 12-15% range and are increasing our expectations for Adjusted EPS growth to 13-15%, up from 11-15% previously,” he said.
