Broadridge Sees 27.3% QoQ Increase in Total Revenue for Q3 FY23

The global Fintech leader Broadridge Financial Solutions, Inc. (Broadridge), published its financial results for the third quarter ended March 31, 2023 of its fiscal year 2023 (Q3 FY23). According to the data released, the total revenue came in at $1,646 million for the three months, increasing 7% compared to $1,534 million in the same period of fiscal year 2022, and jumping 27.3% compared to $1,293 million in Q2 FY23.

More specifically, recurring revenues totaled $1,082 million, 8% higher than 1,003 million in the third quarter of FY22. Event-driven revenues decreased by 12% from $59 million to $52 million on a yearly basis. The revenue of distribution was $512 million, up 8% comparing to $472 million in the Q3 FY22.

Operating income during the period reached $287 million, increasing 17% compared to $246 million on a YoY basis, while operating margin increased from 16.0% in the prior year period to 17.4%. Adjusted operating income rose by 10% from $313 million in Q3 FY22 to $345 million in Q3 FY23 and its margin increased to 21.0% compared to 20.4% for the prior year period.

The net interest expenses increased $19 million to $39 million on a yearly basis. The effective tax rate decreased from 21.0% to 20.6%.

Net earning increased 12% to $199 million and adjusted net earnings increased 7% to $245 million, both on YoY basis. Diluted Earnings Per Share (EPS) was $1.67, an increased of 12% compared to $1.49 in Q3 FY22. The adjusted EPS was $2.05, an increase of 6% compared to $1.93 in the prior year period.