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ADP tops 2Q profit forecasts

ADP
Source: ADP

Automatic Data Processing on Wednesday reported fiscal second-quarter profit of $331.5 million.

On a per-share basis, the Roseland, New Jersey-based company said it had net income of 69 cents. Earnings, adjusted to account for discontinued operations, were 70 cents per share.

The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The payroll and human resources company posted revenue of $2.66 billion in the period, which missed Street forecasts. Analysts expected $2.68 billion, according to Zacks.

ADP shares have increased 2 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has climbed 15 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ADP at http://www.zacks.com/ap/ADP.