Broadridge Q1 2021 Earnings Report
Key Takeaways
Broadridge's first quarter results showed strong growth, with an 8% increase in recurring revenue and record earnings. The company's cost actions contributed to significant margin expansion. Updated guidance reflects confidence in full-year results, with increased investment in people, platforms, and technology.
Total revenues increased 7% to $1,017 million.
Recurring fee revenues increased 8% to $671 million, driven by net new business.
Adjusted EPS increased 44% to a record $0.98.
Updated full-year guidance includes recurring revenue growth of 3-6% and Adjusted EPS growth of 6-10%.
Broadridge
Broadridge
Broadridge Revenue by Segment
Forward Guidance
Broadridge updated its outlook to reflect increased confidence in its full year results. The updated guidance calls for Recurring revenue growth of 3-6% and Adjusted EPS growth of 6-10%.
Positive Outlook
- Recurring revenue growth of 3-6%
- Total revenue growth of 1-4%
- Adjusted Operating income margin increase of ~100 bps
- Adjusted earnings per share growth of 6-10%
- Closed sales of $190 - 235M
Revenue & Expenses
Visualization of income flow from segment revenue to net income