Topic: How To Invest

Stock Pickers Digest Hotline – Friday, May 10, 2019

Article Excerpt

BROADRIDGE FINANCIAL SOLUTIONS INC., $119.20, symbol BR on New York, serves the investment industry in three main areas: investor communications, securities processing and transaction clearing. In its fiscal 2019 third quarter, ended March 31, 2019, revenue rose 14.3%, to $1.23 billion from $1.07 billion a year earlier. That matched the consensus forecast. If you adjust the year-earlier revenue for a new accounting rule, revenue for the most-recent quarter gained just 1.4%. That rise was mainly due to a 3% increase for recurring revenue from new contracts. More mutual fund proxy activity and equity proxy contests also contributed to the higher revenue. Excluding one-time items, the company earned $188.9 million in the latest quarter. That’s up 55.6% from $121.4 million a year earlier. Due to fewer shares outstanding, earnings per share jumped 59.0%, to $1.59 from $1.00. That beat the consensus forecast of $1.49. Broadridge has also agreed to buy the retirement plan custody and trust businesses of TD Ameritrade Holding Co., symbol AMTD on…

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