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Broadridge Financial Q4 net earnings up

Broadridge Financial Solutions has reported net earnings of $116.2m, or $0.92 diluted earnings per share, for the fourth quarter of 2011, compared to $105.1m, or $0.76 diluted earnings per share, for the same period in 2010.

Net earnings from continuing operations were $115.3m, decreased 1% compared to $116.2m for the same period last year.

Revenues were $776.1m for the fourth quarter of 2011, up 3%, compared to $750.5m for the same period in 2010.

For the fiscal year of 2011, revenues from continuing operations declined by 2% to $2.17bn, compared to $2.21bn for the comparable period in the previous year.

Broadridge Financial CEO Richard Daly said their core business remains strong and has performed within expected ranges. Their fiscal year 2012 guidance continues to show momentum with revenue growth of 8% to10%, primarily coming from recurring revenue closed sales and acquisitions, along with a 99% client revenue retention rate.

"Our recurring revenue closed sales are forecasted to be in the range of $110m to $150m. Our fiscal year 2012 guidance does not assume any improvement in event-driven revenues; however, we would expect to see some improvement during the second half of the fiscal year," Daly added.