Payroll processor Automatic Data Processing Inc. (ADP) reported that fourth-quarter net earnings rose to $336.2 million or $0.72 per share from $288.7 million or $0.60 per share in the prior-year quarter. Earnings per share from continuing operations for the quarter grew to $0.55 from last year's $0.48.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues from continuing operations for the quarter grew 5 percent to $2.70 billion from $2.57 billion in the same quarter last year. Street expected revenues of $2.74 billion.
Revenues were negatively impacted three percentage points by unfavorable foreign currency translation.
Looking ahead to fiscal 2016, ADP forecasts earnings per share from continuing operations to grow 12 to 14 percent from adjusted earnings of $2.69 in 2015. The company also projects full-year revenue growth of 7 to 9 percent from revenues of $10.9 billion in 2015.
The company also added that it anticipates revenue growth to be below the guidance range of 7 to 9 percent in the first and second quarters, and above the guidance range in the third and fourth quarters of fiscal 2016.
Street is currently looking for full-year 2016 earnings of $3.31 per share on annual revenues of $11.83 billion.
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