Broadridge’s shares fell 3.4% after the company lowered its sales guidance, signaling investor concerns about deal closures slowing despite healthy pipeline growth and solid recurring revenue gains.

• Recurring revenue grew 6% constant currency, and adjusted EPS increased 11% for the quarter.
• Governance segment delivered 8% recurring revenue growth, supported by strong equity position growth of 15%.
• Capital Markets grew underlying revenues 6%, but lower license revenues weighed on overall results.
• Wealth Management recurring revenue rose 8% constant currency, driven primarily by the Canadian market.
• Year-to-date closed sales dropped 16% to $147 million, leading management to lower full-year sales guidance to a range of $240 million to $290 million amid longer sales cycles and larger deal complexity.