Two More Earnings Reports Crossing Wall Street

Two More Earnings Reports

Our final three earnings reports for Q2 earnings season are due out today. The first two came out before the opening bell.

Broadridge Financial Solutions (BR) said it made $2.19 for its fiscal Q4 which matched Wall Street’s consensus.

“Broadridge delivered strong fiscal year 2021 results, with 10% Recurring revenue growth, 13% Adjusted EPS growth, and record sales driven by increased investor participation and strong demand for digital solutions,” said Tim Gokey, Broadridge’s CEO.

“We have continued to invest in our long-term growth both organically and with the recent acquisition of Itiviti. We are also continuing to return cash to our shareholders, and we are raising our annual dividend by 11% to $2.56. Broadridge has increased its annual dividend every year since we became a public company, and we have announced double digit increases in eight of the past nine years, highlighting our commitment to delivering long-term shareholder returns,” Mr. Gokey added.

“Looking ahead to fiscal year 2022, we expect another strong year, with 12-15% Recurring revenue growth, continued margin expansion, and 11-15% Adjusted EPS growth. Broadridge continues to execute on our long-term strategic goals across Governance, Capital Markets and Wealth & Investment Management, and we remain on track to deliver at the higher end of our three-year financial objectives.”

For the coming year, Broadridge expects earnings growth of 11% to 15%, recurring revenue growth of 12% to 15% and operating margins around 19%.

For the year, Broadridge’s revenues rose 12% to $1.532 billion. Annual EPS was $5.66. That’s up from $5.03 per share last year.

The company is increasing its quarterly dividend from 57.5 cents per share to 64 cents per share. That’s an increase of 11.3%. This is Broadridge’s 15th annual dividend increase in a row.

Middleby (MIDD) said it made $2.11 per share for Q2. Wall Street had been expecting $2.04 per share. Sales rose 71.4% to $808.8 million. At the end of the quarter, MIDD’s backlog stood at $994.2 million compared with $522.7 million at the end of the fiscal 2020.

“Our strong second quarter results reflect the ongoing recovery in our foodservice businesses with measurable progress toward our long-term growth initiatives and realized profitability improvements at all three of our business segments,” said Tim FitzGerald, CEO of The Middleby Corporation. “We continued to make investments in technology solutions to capture rapidly-evolving market trends and execute upon our strategic sales initiatives as we position for the future.”

Disney‘s (DIS) earnings are due out after the close.

Posted by Eddy Elfenbein on August 12th, 2021 at 10:44 am

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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