Broadridge Financial Services (NYSE:BR) has reported its financial metrics for Q2 of the fiscal year ending December 31, 2016, with revenues edging higher by double digits amidst a widely upbeat quarterly performance, according to a Broadridge statement.
For Q2 2016, Broadridge’s revenues came in at $639 million, up a healthy 11.0% YoY from $575 million back in Q2 2015. The net increase in revenues was tied to several components of its business, including fee revenues, distribution revenues, and event driven revenues, which collectively totaled $64 million for Q2 2016.
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In addition, Broadridge saw an increase in its net earnings, which already had been on the uptick in Q1 2016 – for Q2, the net earnings rose by a factor of 16% to $40 million, reflective of a jump vs. only $35 million in Q2 2015. By extension, the group reported diluted earnings per share at $0.33 in Q2 2016, relative to $0.28 in Q2 2015.
Operating income was another strong area of emphasis for Broadridge’s Q2 2016 metrics, illustrating a gain of 19.0% YoY to $70 million from just $59 million in Q2 2015. The primary constituents behind this rise were higher operating expenses that were offset to a large degree by mounting revenues.
According to Broadridge’s President and Chief Executive Officer (CEO) Richard J. Daly, in a recent statement on the metrics: ” During the second quarter, total revenue grew 11%, driven by continued solid recurring revenue from new sales, the acquisitions we made during fiscal 2015, and healthy event-driven activity. The second quarter results keep us firmly on track to achieve our full year guidance and our three-year objectives.”
“We also delivered strong sales in the second quarter which included the signing of Barclays for Europe and Asia to the Accenture Post Trade Processing platform. Our sales pipeline remains robust and keeps us well positioned to achieve our closed sales guidance for the full year. Given our solid results, our 98% revenue retention, and our continuing sales momentum, I remain highly confident in Broadridge’s ability to achieve our long term objectives,” he added.