ADP

By Rob Curran

Payroll-services company Automatic Data Processing said its fiscal second-quarter earnings rose 17% and reiterated its projections for fiscal 2023 earnings per share and revenue growth amid new orders and client retention.

For the quarter ended Dec. 31, ADP posted fiscal second-quarter earnings of $813.3 million, or $1.95 a share, up from $694.4 million, or $1.65 a share, a year earlier. On an adjusted basis, ADP posted second-quarter earnings of $1.96 a share.

Revenue rose 9% to $4.39 billion.

For the fiscal year ending in June, ADP backed prior projections for adjusted earnings-per share growth of 15% to 17% and revenue growth in a range of 8% to 9%.

Chief Financial Officer Don McGuire cited "strong results in new business bookings, client revenue retention" and other factors for the growth.

Shares were down 0.16% at $238.99 each pre-market.

(END) Dow Jones Newswires

January 25, 2023 07:37 ET (12:37 GMT)

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