Broadridge Announces Surge in Operating Income, Revenue in Q4

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The financial technology company, Broadridge has released
its financial reports for the fourth quarter and fiscal year 2023, disclosing
its impressive performance with growth in revenue and operating income.</p><p>Broadridge's revenue
grew 7% year-over-year to USD $1.8 million in the fourth quarter compared to
the same period last year. Similarly, in the fiscal year 2023, the fintech
firm reported an increase of 6% in total revenue reaching USD $6 billion.</p><p>Operating Income </p><p>In addition, <a href="https://www.financemagnates.com/tag/broadridge/" target="_blank" rel="follow">Broadridge</a> posted an increment of 33% in operating income, earning USD $454 million in the fourth quarter, which compares to USD $342 million in the
same period of last year. The operating income for the fiscal year 2023
reported by the NYSE-listed company was USD $936 million, which is an increase of 23%
from FY2022.</p><p>Commenting about the
financial report, Tim Gokey, Broadridge's CEO, said: "Broadridge reported strong
quarter results, including 8% recurring revenue constant currency growth and
21% adjusted EPS growth. For the full year, recurring revenues were at the
higher end of our guidance and rose 9% constant currency, driving continued
margin expansion."</p><p>Following the positive
performance, <a href="https://www.financemagnates.com/institutional-forex/broadridge-to-offer-faster-time-to-markets-and-25-lower-costs/" target="_blank" rel="follow">Broadridge</a> updated its financial guidance for 2024 to show recurring revenue of 6-9%
and growth of 8-12% adjusted <a href="https://www.financemagnates.com/tag/earnings/" target="_blank" rel="follow">earnings per share (EPS)</a>. The firm's adjusted EPS grew 21% year-over-year to
$3.21 during the fourth quarter. Additionally, for the fiscal year 2023, Broadridge's
EPS grew 9% to USD $7.01 compared to the previous year. </p><p>Earnings per Share</p><p>The company's net earnings for the fourth quarter
increased 31% to USD $324 million, while the adjusted net earnings increased
22% to USD $382 million. Similarly, the diluted earnings per share advanced
30% to USD $2.72, which is compared to USD $2.09 in the same period of 2022. </p><p>Besides
that, Broadridge's Board of Directors has declared a quarterly dividend of USD
$0.8 per share which is payable on October 5 to shareholders on record as of
September 15. The company's interest expense increased USD $51 million to
USD $136 million for FY2023. The company said that the increase was
due to a rise in interest expense from the high borrowing costs.</p>

This article was written by Jared Kirui at www.financemagnates.com.