BROADRIDGE FINANCIAL SOLUTIONS $40.95 (New York symbol BR; TSINetwork Rating: Extra Risk) (201-714-3000; www.broadridge.com; Shares outstanding: 120.7 million; Market cap: $4.9 billion; Dividend yield: 2.1%) serves the investment industry in three main areas: investor communications, securities processing and transaction clearing. The company processes 90% of all proxy votes in the U.S. and Canada.
Without one-time items, Broadridge earned $55.1 million in its fiscal 2014 third quarter, which ended March 31, 2014. That’s up 11.3% from $49.5 million a year earlier. Earnings per share rose 12.8%, to $0.44 from $0.39, on fewer shares outstanding.
Overall revenue gained 5.1%, to $606.3 million from $576.7 million. Revenue from contracts that pay recurring fees rose 9% and accounted for two-thirds of the total. The remaining third comes from one-time events, such as special shareholder meetings and distributing information when mutual funds change managers.
Excluding unusual items, Broadridge now expects to earn $2.15 to $2.25 a share in fiscal 2014. The stock trades at a reasonable 18.6 times the midpoint of that range.
The company’s long-term debt of $524.1 million is a low 10.7% of its market cap, and it holds cash of $244.4 million, or $2.02 a share. The stock yields 2.1%.
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