Broadridge Financial Misses Estimates (BR)

Broadridge Financial Solutions Inc. BR on Thursday morning released financial results that missed Wall Street expectations. Broadridge Financial Solutions Inc reported that its fiscal 1st quarter net earnings fell to $13.3 million, or 10 cents per share, down from $26.4 million, or 19 cents per share, a year earlier. The company earned 10 cents per share from continuing operations. Revenue fell to $421.4 million, down from $438.2 million a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 12 cents per share, on revenue of $449.71 million. Chief executive officer Richard J. Daly said, "Overall, I am satisfied with our first quarter results. Although the results were lower than last year due primarily to the expected reduction in event-driven revenues, our recurring revenue closed sales were up 94% and we maintained a client revenue retention rate of 98%." Broadridge Financial Solutions Inc. (BR) ended the previous trading session at $22.13 per share. Analysts covering the company's stock have a consensus price target of $24.60 per share. Read more from Benzinga's Company news.