Broadridge Financial Solutions, Inc. reported significant financial growth in its latest quarterly filing, with revenues for the three months ended December 31, 2024, reaching $1,589.2 million, a 13% increase from $1,405.0 million in the same period last year. The company's net earnings more than doubled, rising to $142.4 million, or $1.22 per share, compared to $70.3 million, or $0.60 per share, in the prior year. For the six-month period, revenues increased by 6% to $3,012.1 million, while net earnings rose to $222.2 million from $161.2 million.
The growth in revenue was driven by a 9% increase in recurring revenues, which totaled $980.2 million, and a substantial 126% rise in event-driven revenues, primarily due to a higher volume of mutual fund communications. Distribution revenues also saw a 7% increase, attributed to a postage rate hike. Operating income for the quarter surged 69% to $210.7 million, reflecting improved margins, which rose to 13.3% from 8.9% a year earlier.
Strategically, Broadridge made notable acquisitions, including the purchase of Kyndryl’s Securities Industry Services business on November 1, 2024, for $185.5 million, aimed at enhancing its offerings in wealth management and capital markets in Canada. This acquisition is expected to contribute positively to the Global Technology and Operations segment. Additionally, the company acquired AdvisorTarget in May 2024, further expanding its capabilities in data products for asset management and wealth management firms.
Operationally, Broadridge reported a decrease in total current liabilities from $1,421.8 million to $1,114.3 million, indicating improved cash management. The company also maintained a strong cash position with $289.9 million in cash and cash equivalents as of December 31, 2024. The total number of shares outstanding was reported at 117,018,687. Looking ahead, Broadridge anticipates continued growth driven by its strategic initiatives and market demand, with management expressing confidence in the company's ability to meet its financial commitments and operational needs.
About BROADRIDGE FINANCIAL SOLUTIONS, INC.
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