Broadridge Delivers 8% Increase in Total Revenues During Q1 FY23

Fintech major Broadridge Financial Solutions, Inc. (Broadridge) has posted its financial figures for the first quarter ended September 30, 2022 of its fiscal year 2023. The fintech reported total revenues of $1,283 million, 8 percent higher from $1,193 million in the prior year period.

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During the three months, the company's operating income reached $88 million, decreasing 15 percent compared to the same period in the prior year. Operating income margin decreased to 6.8%, compared to 8.7% for the prior year period.

In addition, adjusted operating income was $150 million, decreasing 15 percent compared to the same period in the prior year. Adjusted Operating income margin decreased to 11.7% compared to 14.8% for the prior year period. Net earnings decreased 25% to $50 million and Adjusted Net earnings decreased 21% to $100 million.

"Broadridge reported another strong quarter, highlighting the resilience of our business model and the positive long-term trends driving our growth," said Tim Gokey, Broadridge's CEO. "Recurring revenues grew 9% constant currency, powered by new sales, continued strength in investor participation, and the strong performance of our BTCS business. Adjusted EPS of $0.84 was modestly ahead of our expectations in our seasonally small first quarter."

"With a strong start, we are reaffirming our guidance for our fiscal year ending in June 2023, including 6 - 9% Recurring revenue growth constant currency and 7 - 11% Adjusted EPS growth. Driven by the critical role we play powering investing and corporate governance, Broadridge continues to be well-positioned for resilient growth across economic cycles and we are on track to deliver at or above the higher end of our three-year financial objectives."