Broadridge Financial Solutions Profit And Guidance News Sends Shares Down 7.1% (BR)

Shares of Lake Success, New York-based Broadridge Financial Solutions, Inc. BR are trading down 7.1% at $21.61 per share during the Tuesday afternoon trading session. The day's trading range for shares of Broadridge Financial Solutions, Inc has been between $20.91 and $22.02 per share. Analysts covering the company's stock give it a consensus price target of $23.00 per share. Volume of 4 million shares is already far above the daily average volume of 717,000 shares. Broadridge Financial Solutions, Inc. (BR) announced on Tuesday morning that it failed to meet consensus Wall Street expectations and that it was lowering its earnings forecast. Broadridge Financial Solutions, Inc announced 2nd quarter earnings from continuing operations of 8 cents per share, on revenue of $442.3 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 13 cents per share, on revenue of $467.76 million. Chief Executive Officer Richard J. Daly said, "Due to the event-driven revenue shortfall plus a $0.05 one-time charge that will result in future efficiencies, we are reducing our fully diluted earnings per share from continuing operations guidance from a range of $1.55 to $1.65 to a range of $1.30 to $1.40. To be clear, this year's unprecedented cyclical decline in event-driven activity should be considered a disappointing one-time event that we believe will not affect our long-term value creation goals as all of our key initiatives are on track to deliver the expected earnings growth." Broadridge Financial Solutions, Inc is the market leader enabling secure and accurate processing of information for communications and securities transactions among issuers, investors and financial intermediaries. The company builds the infrastructure that underpins proxy services for over 90% of public companies and mutual funds in North America; processes more than $3 trillion in fixed income and equity trades per day; and saves companies billions annually through its technology solutions. Read more from Benzinga's Company news.