Broadridge Reports 9% Increase in Q2 Revenue, Reaffirms Full-Year Guidance

<p>Broadridge Financial Solutions, Inc. (NYSE:BR) has reported its financial results for the second quarter of the fiscal year 2024, showcasing an increase of 9%
in total revenue at $1,405 million.</p><p>Broadridge's recurring revenues experienced a significant uptick, totaling $899 million. This marked an increase of 7% year-over-year. This growth, which translates to a boost of 6% in
constant currency, reflects the company's resilience and adaptability in
navigating market dynamics.</p><p>Growth in Recurring Revenue</p><p>Tim Gokey, the CEO of <a href="https://www.financemagnates.com/tag/broadridge/" target="_blank" rel="follow">Broadridge</a>, mentioned:
"We are reaffirming our 2024 guidance including 6-9% recurring revenue
growth constant currency, 8-12% adjusted EPS growth, and record closed sales of
$280-320 million, as a result. We are off to a strong start in delivering on
our three-year growth objectives, including annualized growth of 7-9% for recurring revenues and 8-12% for adjusted EPS."</p><p>The Investor Communication Solutions segment
witnessed total revenues of $1,000 million, reflecting a jump of 9%, driven by
higher recurring revenues and event-driven revenues. Besides that, the Global Technology and Operations segment reported recurring revenues of $405 million, marking an increase of 9%, primarily propelled by net new business and internal growth.</p><p>Broadridge ignited its fiscal year 2024 with <a href="https://www.financemagnates.com/institutional-forex/broadridge-ignites-fiscal-2024-with-8-revenue-increase/">an impressive first quarter</a>, marked by notable growth in recurring revenues and
adjusted EPS. With an upturn of 8% in total income, which stood at $871 million, and remarkable growth of 30% in adjusted EPS,
reaching $1.09, Broadridge's fiscal performance sets a positive trajectory for 2024.</p><p>Consistent Growth in Revenue and EPS</p><p>During this period, Broadridge posted a notable expansion of 12% in total revenue at $1,431 million. This growth was credited to organic
expansion within their Global Technology and Operations and Investor
Communication Solutions segments.</p><p>The company's strategic focus on organic growth
yielded positive results, with closed sales soaring from $19 million to $48
million. Additionally, a strategic capital allocation saw Broadridge
repurchase $150 million of its shares, indicating confidence in its future
trajectory.</p><p>Besides that, the firm's operating income soared 70% to $148 million, with the operating income margin improving notably from
6.8% to 10.4%. This reflected a more efficient revenue conversion into profit.</p><p>Recently, <a href="https://www.financemagnates.com/forex/broadridge-unveils-new-ai-based-solution-targeting-post-trade-operations/" target="_blank" rel="follow">Broadridge introduced OpsGPT</a>, a solution leveraging Generative AI to revolutionize post-trade operations. The company’s commitment to AI innovation extends beyond OpsGPT. Last year, Broadridge launched BondGPT, an AI-powered application that streamlines bond selection within the US corporate bond market.</p>

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