ADP Revenues Grow 14%, Earnings in Line With Estimates
Automatic Data Processing , the world's biggest payroll processor, reported higher quarterly earnings from continuing operations as employers' payrolls rose.
Earnings from continuing operations for the fiscal second quarter ended Dec. 31 rose to $283.0 million, or 51 cents a share - matching a Thomson Financial consensus estimate - and up from $257.0 million, or 44 cents a share, a year earlier.
Including results from its Sandy division, which was sold off on Jan. 23, the company had net income of $297.7 million, or 54 cents a share, up from $259.7 million, or 45 cents a share, a year earlier.
Revenue rose 14% to $2.32 billion in the quarter from $2.03 billion a year earlier.
In the U.S., the number of employees on ADP clients' payrolls rose 1.7%, and European payrolls also grew, the company said.