Broadridge Financial Services Inc., symbol BR on New York, serves the investment industry in three main areas: investor communications, securities processing and transaction clearing. It mails and processes 66% of all proxy votes.
The company earned $32.6 million in the three months ended March 31, 2011. That’s up 5.8% from $30.8 million a year earlier. The stock pick’s earnings per share rose 13.6%, to $0.25 from $0.22, on fewer shares outstanding. That beat the consensus estimate of $0.20 a share. Revenue rose 7.4%, to $527.1 million from $490.8 million. That also beat the consensus revenue estimate of $521.0 million.
The stock pick’s acquisitions were the main reasons for these gains: In December 2010, it paid $19.5 million for Forefield Inc., which makes web-based software that allows financial advisors to deliver educational and marketing materials to clients. In January 2011, Broadridge paid $201 million for Matrix Financial Solutions Inc., which processes trades and provides administrative services to mutual funds.
The company is also doing good job of holding on to its clients. These helped offset lower revenues from event-related proxy services, as mutual funds are holding fewer unitholder meetings and other special events.
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