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- Broadridge Financial Solutions (NYSE:BR) stock retreated 6.2% in Wednesday afternoon trading after the provider of investor communications for financial services firms reaffirmed its fiscal 2023 guidance following worse-than-expected fiscal Q1 earnings that dipped from the year-ago period.
- "We are on track to deliver at or above the higher end of our three-year financial objectives," said CEO Tim Gokey.
- Q1 adjusted EPS of $0.84 fell short of the average analyst estimate of $0.88 and fell from $1.07 in Q1 of last year.
- Revenue of $1.28B, though, topped the $1.26B consensus and increased from $1.19B a year before.
- Investor Communication Solutions segment saw $4433M in recurring sales, a Y/Y rise of 8%. And Global Technology and Operations' recurring revenues were $363M, up 7% from a year ago.
- Total operating expenses were $87.5M at September 30 versus $103.3M at Sept. 30, 2021.
- Adjusted free cash flow loss deepened to $218.1M from $151.4M in the year-ago quarter.
- Earlier, Broadridge Financial Solutions reports FQ1 mixed earnings; reaffirms FY23 guidance.