Broadridge Q1 revenue beats estimates; maintains FY27 outlook
BR•Broadridge reported Q1 revenue of $1.67 billion and adjusted EPS of $1.56, both above analyst estimates. It reaffirmed FY27 recurring revenue growth guidance of 6%-8%, adjusted EPS growth of 8%-12% and closed sales of $290 million-$330 million.
1. Quarterly results
Broadridge's fiscal first-quarter revenue rose to $1.67 billion, beating the $1.65 billion analyst estimate, while adjusted EPS of $1.56 topped the $1.37 estimate. Net income was $94.8 million and EPS was $0.83. Recurring revenue grew 11% year over year, including 9 percentage points of organic growth.
2. Revenue trends
Recurring revenue grew 17% in regulatory and capital markets product lines, 10% in data-driven fund solutions and 5%-6% in wealth and investment management. Event-driven revenue fell 41%, as lower mutual fund proxy revenue was partly offset by higher equity and other revenue. Broadridge repurchased $200 million in shares during the quarter.
3. Fiscal 2027 outlook
The company maintained its guidance for recurring revenue growth of 6%-8% in constant currency, adjusted EPS growth of 8%-12% and closed sales of $290 million-$330 million.
