Broadridge Earnings: Continued Steady Performance in Seasonally Soft Fiscal Q1

Broadridge started its fiscal 2024 on solid footing. Revenues in the firm’s seasonally soft fiscal quarter of $1.43 billion and adjusted EPS of $1.09 edged out the FactSet consensus estimates of $1.39 billion and $0.97 respectively. As is often the case during first quarter earnings, Broadridge reaffirmed its fiscal-year outlook. Overall, there was little in Broadridge’s earnings release that would alter our long-term view of the firm, and we will maintain our fair value estimate of $190 on Broadridge’s shares. Broadridge’s steady performance amid an uncertain macroeconomic backdrop and topsy-turvy market movement support our Morningstar Uncertainty Rating of Low.