Broadridge Reported Strong First Quarter Fiscal Year 2021 Results

​Broadridge Financial Solutions, Inc. (NYSE: BR) ,a leading provider of investor communications and technology-driven solutions, today announced solid operational and financial results for the first quarter ended September 30, 2020 of its fiscal year 2021(Q1 2021).  

Unless stated otherwise, Key Financial figures below refer to performance in Q1 2021 and all comparisons are with the corresponding period last year.

Key financial figures are as follows:

· Total revenues increased 7% to $1,017 million from $949 million in the prior year period.

· Operating income was $79 million, an increase of $5 million, or 8%. Operating income margin was unchanged at 7.7% in the current and prior year periods. Operating income includes the combined impact of $38 million of charges related to the Company's actions to reduce ongoing costs in the face of the Covid-19 pandemic as well as other Covid-19 related charges.

· Interest expense, net was $14 million, an increase of $1 million, driven by an increase in interest expense from higher average borrowings.

· The effective tax rate was 10.6% compared to 12.4% in the prior year period. The decrease in the effective tax rate was driven by higher excess tax benefits attributable to stock-based compensation of $9 million in the current year period, compared to $6 million in the comparable prior year period.

· Net earnings increased 18% to $66 million and Adjusted Net earnings increased 43% to $114 million.