ADP 1Q Revenue, Earnings Exceed Expectations
25 October 2023 - 10:50PM
Dow Jones News
By Dean Seal
Payroll-services company Automatic Data Processing logged higher
earnings and revenue in its fiscal first quarter as it continued to
book new business and earn stronger yields on client funds.
The Roseland, N.J.-based company posted a profit of $859.4
million, or $2.08 a share, compared with $779 million, or $1.87 a
share, in the same quarter a year ago.
Adjusted earnings, which strip out one-time items, were also
$2.08 for the quarter. Analysts polled by FactSet had been
expecting $2.02 a share.
Revenue rose 7% to $4.51 billion, just below analyst projections
for $4.52 billion, according to FactSet.
The top line growth was driven by an increase in new business
bookings, strong client revenue retention and higher client funds
interest revenue, according to Chief Financial Officer Don McGuire.
He said the quarter's revenue growth and margin performance
exceeded company expectations.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 25, 2023 07:35 ET (11:35 GMT)
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