Broadridge Financial Solutions reported a 14% rise in its third-quarter profit, driven by strong performance in its investor communications unit, the company announced on Thursday.
The Lake Success, New York-based fintech firm saw a notable boost in earnings due to heightened demand for managing investor communications in the lead-up to U.S. annual shareholder meetings during the proxy season. Broadridge plays a key role in distributing proxy materials and managing the voting process for banks, broker-dealers, and other financial institutions — a niche market that analysts believe gives the company a solid competitive advantage.
For the quarter ending March 31, the company’s operating income reached $345 million, or $2.05 per share, up from $303 million, or $1.79 per share, in the same period last year.
Revenue in Broadridge’s investor communication solutions segment grew by 4% to $1.35 billion. Additionally, its global technology and operations unit, which supports trading infrastructure, recorded a 9% increase in revenue to $464 million.
Overall, Broadridge’s total revenue rose 5% year-over-year to $1.81 billion.
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Disclaimer: The information in this article is based solely on publicly available data from multiple reputable sources. No additional analysis, speculation, or commentary has been added. Readers are encouraged to verify financial details through official company filings and consult a financial advisor for investment decisions.
