WASHINGTON (dpa-AFX) - (Adds Outlook and dividend)
Broadridge Financial Solutions Inc. (BR) released earnings for its fourth quarter that increased from the same period last year and beat the Street estimates.
The company's earnings totaled $324.1 million, or $2.72 per share. This compares with $248.1 million, or $2.09 per share, in last year's fourth quarter.
Excluding items, Broadridge Financial Solutions reported adjusted earnings of $381.9 million or $3.21 per share for the period.
Analysts on average had expected the company to earn $3.11 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company's revenue for the quarter rose 7.0% to $1.84 billion from $1.72 billion last year.
Outlook
Looking ahead for fiscal 2024, the company projects 6% to 9% recurring revenue growth at constant currency rates, and 8 percent to 12% adjusted earnings per share growth.
Adjusted operating income margin is expected to be around 20%.
In fiscal 2023, adjusted earnings per share were $7.01, recurring revenue was $3.99 billion and adjusted operating income margin was 19.8%.
Dividend
Further, the company announced that its Board has approved a 10% increase in annual dividend to $3.20 per share.
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