Broadridge Financial Solutions, Inc. (NYSE:BR) reported financial results for the second quarter and six months ended December 31, 2020 of its fiscal year 2021.
Financial Results for the Second Quarter Fiscal Year 2021 compared to Second Quarter Fiscal Year 2020
Operating income was $79 million, an increase of $53 million, or 197%. Operating income margin increased to 7.5% compared to 2.8% for the prior year period.
◦ Adjusted Operating income was $119 million, an increase of $25 million, or 26%. Adjusted Operating income margin increased to 11.2%, compared to 9.7% for the prior year period.
◦ The increase in Operating income and Adjusted Operating income was due to the impact of higher Recurring fee revenues and higher event-driven fee revenues as well as the impact of cost initiatives which limited expense growth, partially offset by higher spending related to growth initiatives.
Financial Results for the Second Quarter Fiscal Year 2021 compared to Second Quarter Fiscal Year 2020
Operating income was $79 million, an increase of $53 million, or 197%. Operating income margin increased to 7.5% compared to 2.8% for the prior year period.
◦ Adjusted Operating income was $119 million, an increase of $25 million, or 26%. Adjusted Operating income margin increased to 11.2%, compared to 9.7% for the prior year period.
◦ The increase in Operating income and Adjusted Operating income was due to the impact of higher Recurring fee revenues and higher event-driven fee revenues as well as the impact of cost initiatives which limited expense growth, partially offset by higher spending related to growth initiatives.
Financial Results for the Six Months Fiscal Year 2021 compared to the Six Months Fiscal Year 2020
Operating income was $158 million, an increase of $58 million, or 58%. Operating income margin increased to 7.6% from 5.2% in the prior year period. Operating income includes the combined impact of $44 million of charges related to the Company’s cost reduction efforts as well as other Covid-19 related charges.
◦ Adjusted Operating income was $269 million, an increase of $72 million, or 36%. Adjusted Operating income margin increased to 13.0%, compared to 10.3% for the prior year period.
◦ The increase in Operating income and Adjusted Operating income was due to the impact of higher Recurring fee revenues and higher event-driven fee revenues as well as the impact of cost initiatives which limited expense growth.
Source: www.broadridge-ir.com
