Automatic Data Processing (ADP) Misses Q3 EPS by 2c

Automatic Data Processing (NASDAQ: ADP) reported Q3 EPS of $1.06, $0.02 worse than the analyst estimate of $1.08. Revenue for the quarter came in at $3.3 billion versus the consensus estimate of $3.34 billion.

"ADP posted results for the third quarter that reflect the strength of our business model and demonstrate that our innovative solutions resonate with the marketplace," said Carlos Rodriguez, president and chief executive officer, ADP. "I am particularly pleased with worldwide new business bookings growth of 14% for Employer Services and PEO Services combined. During the last few months, ADP showcased new product innovations targeted to both mid-sized and large companies. We held an interactive virtual event announcing enhancements to ADP Workforce Now® that help simplify regulatory compliance and leverage analytics to assist clients with managing their Human Capital Management needs. In addition, at our ADP Meeting of the Minds conference for up-market clients we previewed a new user experience."

"Each of our business segments performed well in the quarter, driving good growth in both revenues and pretax earnings," said Jan Siegmund, chief financial officer, ADP. "Share repurchases were lower than in prior quarters as a result of ADP's decision to not repurchase shares prior to the announcement of the planned spin-off of Dealer Services. We remain committed to returning excess cash to our shareholders over the long-term."

For earnings history and earnings-related data on Automatic Data Processing (ADP) click here.

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