Broadridge sees Q2 revenue down 3%-6% y/y, consensus $1.01B
Broadridge Financial Solutions is narrowing the estimated range of its second quarter fiscal year 2019 total revenue. In response to a question on its first quarter 2019 earnings conference call and webcast held earlier, Broadridge indicated that the company expects its second quarter fiscal year 2019 total revenues to be down by "single digit to low double digits" in comparison with its reported second quarter fiscal year 2018 revenues. The company says instead that it expects its second quarter fiscal year 2019 total revenues to decline by a range of 3%-6% compared to reported second quarter 2018 total revenues. This decline is projected to be driven by a 40%-50% decline in event-driven revenues and a decline in distribution revenues, partially offset by a 5%-7% increase in recurring fee revenues, compared to second quarter fiscal year 2018 reported results. On its earnings conference call earlier, the company reaffirmed its full fiscal year 2019 financial guidance.