Broadridge Reports Mixed Q1: Earnings Surpass Forecasts As Recurring Revenue Gains Offset Lower Event-Driven Sales
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 05 2024
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Source: Benzinga
Financial Performance: Broadridge Financial Solutions reported a 1% decline in revenue to $1.42 billion for Q1, missing expectations, but saw a 3% increase in recurring revenues and a 21% rise in closed sales. Adjusted EPS of $1.00 exceeded the consensus estimate of $0.97.
Future Outlook: The company raised its recurring revenue growth outlook to 6%-8% and maintained its adjusted EPS growth guidance of 8%-12%, with CEO Tim Gokey emphasizing ongoing strategies to innovate and modernize financial services.
Analyst Views on TMFM
Wall Street analysts forecast TMFM stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for TMFM is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
