Broadridge Announces Surge in Operating Income in Q4

Broadridge Announces Surge in Operating Income in Q4

Time Stamp: August 8, 2023 9:49 AM
Broadridge Announces Surge in Operating Income in Q4 PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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.

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.

In addition, Broadridge 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.

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.”

Following the positive
performance, Broadridge updated its financial guidance for 2024 to show recurring revenue of 6-9%
and growth of 8-12% adjusted earnings per share (EPS). 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.

Earnings per Share

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.

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.

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.

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.

In addition, Broadridge 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.

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.”

Following the positive
performance, Broadridge updated its financial guidance for 2024 to show recurring revenue of 6-9%
and growth of 8-12% adjusted earnings per share (EPS). 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.

Earnings per Share

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.

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.

Time Stamp:

More from Finance Magnates