- Broadridge Financial Solutions Inc (NYSE:BR) reported second-quarter FY22 revenue growth of 19% to $1.26 billion, beating the consensus of $1.20 billion.
- Recurring fee revenues increased 19% Y/Y to $798 million. Distribution revenues rose 17% Y/Y to $401.5 million.
- ICS segment total revenues increased 15% Y/Y to $893 million, and GTO recurring fee revenues increased 30% Y/Y to $371 million.
- Adjusted operating income margin was flat at 11.2%.
- Adjusted EPS of $0.82 was at par with the consensus.
- Broadridge held $281.2 million in cash and equivalents.
- Tim Gokey, Broadridge's CEO, said, "We are continuing to execute against our long-term growth plan across Governance, Capital Markets, and Wealth & Investment Management."
- Gokey added, "We expect to deliver at the high end of our 12-15% recurring fee revenues growth guidance and are reaffirming our guidance for Adjusted EPS growth of 11-15%."
- Price Action: BR shares closed higher by 3.29% at $159.22 on Monday.
