Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for its fourth quarter and fiscal year 2020. Results for the three months and fiscal year ended June 30, 2020 compared with the same period last year were as follows:
|
Summary Financial Results |
Fourth Quarter |
Fiscal Year |
||||||||||||
|
Dollars in millions, except per share data |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||||
|
Recurring fee revenues |
$930 |
$813 |
14 |
% |
$3,036 |
$2,760 |
10 |
% |
||||||
|
Total revenues |
1,362 |
1,211 |
12 |
% |
4,529 |
4,362 |
4 |
% |
||||||
|
Operating income |
299 |
241 |
24 |
% |
625 |
653 |
(4) |
% |
||||||
|
Operating income margin |
21.9% |
19.9% |
13.8% |
15.0% |
||||||||||
|
Adjusted Operating income – Non-GAAP |
335 |
267 |
25 |
% |
795 |
746 |
6 |
% |
||||||
|
Adjusted Operating income margin – Non-GAAP |
24.6% |
22.1% |
17.5% |
17.1% |
||||||||||
|
Diluted EPS |
$1.97 |
$1.55 |
27 |
% |
$3.95 |
$4.06 |
(3) |
% |
||||||
|
Adjusted EPS – Non-GAAP |
$2.15 |
$1.72 |
25 |
% |
$5.03 |
$4.66 |
8 |
% |
||||||
|
Closed sales |
$112 |
$72 |
55 |
% |
$239 |
$233 |
2 |
% |
||||||
“With an exceptional fourth quarter, Broadridge reported strong fiscal year 2020 results including 10% Recurring revenue growth, 8% Adjusted EPS growth, and record closed sales,” said Tim Gokey, Broadridge’s CEO. “Our full-year performance despite event-driven headwinds and the ongoing pandemic further validates the Broadridge business model and value proposition, and gives us even greater confidence in our long-term opportunity.
“I am especially pleased to report that we have achieved our three-year objectives for Recurring revenue growth, margin expansion, and Adjusted EPS growth,” Mr. Gokey added. “Our progress against these goals is a strong indication that our strategic focus on industry solutions for governance, capital markets, and wealth management is on-track.
“Despite macroeconomic uncertainty, our outlook for fiscal 2021 calls for continued organic growth, anchored by a record revenue backlog, and balances cost discipline and increased investment that will position us to take advantage of the recovery and drive long-term growth. To further underscore our confidence in our outlook, we are raising our annual dividend for the fourteenth consecutive year, every year since becoming a public company,” Mr. Gokey concluded.
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