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Sep 30, 2020
Broadridge Q1 2021 Earnings Report
Broadridge reported strong first quarter results, including 8% recurring revenue growth and record first quarter earnings, driven by long-term trends and strong cost actions.
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%.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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