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Broadridge profit rises as investor communications revenue grows
In the quarter ended June 30, Broadridge posted net earnings of $398 million, or $3.44 per share, up from $374.2 million, or $3.16 per share a year earlier.
Broadridge Financial reported higher fourth-quarter profit, with results supported by strength in its investor communications business, according to Reuters. The companys shares were down about 29.5% year to date, but rose 1.7% in premarket trading after the announcement.
Reuters said Broadridge revenue from its investor communication solutions segment, its largest unit, totaled $1.73 billion in the fourth quarter, up from $1.6 billion a year earlier.
The outlet reported Broadridge CEO Tim Gokey said the company is building infrastructure for the markets of tomorrow, including governance solutions for tokenized assets and digitizing communications.
Reuters also noted Broadridges net earnings were $398 million, or $3.44 per share, for the three months ended June 30, compared with $374.2 million, or $3.16 per share, in the prior-year period.