Broadridge Financial Solutions, Inc. (NYSE: BR) earned $0.29 per share in the three months that ended on 31 March 2009, up from $0.21 in the year-earlier quarter. We had estimated earnings of $0.23 per share.
A state tax credit of $7.3 million is the reason earnings were higher than expected. Pre-tax income was within $0.1 million of our target.
The spreadsheet below compares the actual results to our Income Statement model of Broadridge. Please note that our arrangement of data may differ in material respects from the company's presentation.
We will post a thorough evaluation soon.
http://sheet.zoho.com/public/ncarvin/br-income-statement-2009q1?mode=html
Full disclosure: Long BR at time of writing.
11 May 2009
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