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November 28, 2016 - Profiting from Cloud Computing Earnings Growth
Broadridge Financial Bolstered by Cloud Capability, Says CEO By The Street
Companies missing wide-open chances to connect with their clients need to put their heads in the cloud, says Rich Daly, CEO of Broadridge Financial Solutions (BR).
Literally speaking, the new Broadridge Communications Cloud.
The Broadridge Communications Cloud connects the company's network of 900 brands, 138 million recipient households, and five billion annual communications, to a network of 10 digital channels, including Amazon (AMZN) , Dropbox, and Evernote, enabling brands and consumers to interact in new ways.
For example, a consumer could be told the energy she used over the past quarter was 20% higher than last year at this time and then be offered tips to save energy.
"Every time a consumer receives statements, bills or other essential customer communications through the mail or via a PDF online, brands miss an opportunity to create a deeper engagement with that individual," said Daly.
Daly added that the Broadridge Communications Cloud also creates a "network effect," meaning that brands that are not yet connected to a specific consumer online can now be connected when other brands first create a digital relationship with the same consumer.
Earlier this month Broadridge Financial Solutions reported fiscal first-quarter net income of $33.7 million, or 36 cents per share on a per-share basis. The results fell short of Wall Street expectations of 38 cents per share. The technology outsourcing outfit posted revenue of $895.3 million in the period, which topped Street forecasts of $882.6 million.
Shares of Broadridge sold off in the wake of the earnings miss, after a solid performance for most of the year. The stock snapped back after Election Day, however, following financial stocks higher on the hope of reduced regulations. The stock is up 22% year-to-date.
"We participate in nearly every trade on Wall Street so it makes sense that we are moving up with financial stocks," said Daly. "And we also help our clients keep costs down so we perform well when they are cutting back as well."
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