Benzinga | Nov 3, 2021 09:39AM EDT

Broadridge On Track To Accomplish FY21 Outlook After Q1 Beat

* Broadridge Financial Solutions Inc (NYSE:BR) reported first-quarter FY22 revenue growth of 17% to $1.19 billion, beating the consensus of $1.15 billion.

* Recurring fee revenues increased 16% Y/Y to $751 million, ICS revenues increased 14% Y/Y to $853.5 million, and GTO recurring fee revenues increased 21% Y/Y to $340.6 million.

* Distribution revenues rose 11% Y/Y to $366.9 million. Adjusted operating income margin was flat at 14.8%.

* Adjusted EPS of $1.07 beat the consensus of $0.99.

* Broadridge held $316.7 million in cash and equivalents and used $135.4 million in operating cash flow.

* Outlook: With a strong first quarter, Broadridge is on track to achieve our full-year guidance of 12%-15% recurring revenue growth and 11%-15% Adjusted EPS growth.

* Price Action: BR shares traded lower by 2.47% at $174.46 on the last check Wednesday.