Broadridge Financial Solutions, Inc. (NYSE:BR) today reported financial results for the first quarter ended September 30, 2023 of its fiscal year 2024.

Total revenues increased 12% to $1,431 million from $1,283 million a year earlier.

Recurring revenues increased $65 million, or 8%, to $871 million. Recurring revenue growth constant currency (Non-GAAP) was 8%, all organic, driven by Net New Business and Internal Growth in Global Technology and Operations (GTO) and Investor Communication Solutions (ICS).

Event-driven revenues increased $24 million, or 39%, to $87 million, driven by higher mutual fund proxy and corporate action activity.

Distribution revenues increased $58 million, or 14%, to $473 million, driven by higher event-driven mailings as well as the postage rate increase of approximately $27 million.

Operating income was $148 million, an increase of $61 million, or 70%. Operating income margin increased to 10.4%, compared to 6.8% for the prior year period, primarily due to higher Recurring revenues and higher event-driven revenues.

Net earnings increased 80% to $91 million and Adjusted Net earnings increased 30% to $130 million.

Diluted earnings per share increased 81% to $0.76, compared to $0.42 in the prior year period, and adjusted earnings per share increased 30% to $1.09, compared to $0.84 in the prior year period.

Tim Gokey, Broadridge CEO, commented:

“Broadridge delivered strong first quarter results, with 8% Recurring revenue growth constant currency, all organic, and 30% Adjusted EPS growth. As part of our balanced capital allocation model, we also repurchased $150 million of our shares.

We continue to benefit from strong secular trends and demand for our unique solutions as we work with clients to democratize investing, simplify and innovate trading, and modernize wealth management.

We are reaffirming our fiscal 2024 guidance, including 6-9% Recurring revenue growth constant currency, 8-12% Adjusted EPS growth, and Closed sales of $280-320 million.”