Published on 1 May 2024 on GuruFocus.com via Yahoo Finance

Automatic Data Processing Inc. (ADP) Surpasses Analyst Revenue and Earnings Estimates in Q3 FY24

Revenue: Reached $5.3 billion, a 7% increase year-over-year, surpassing estimates of $5224.83 million.Net Income: Grew 14% to $1.2 billion, exceeding the estimated $1149.31 million.Earnings Per Share (EPS): Reported at $2.88, up 15% from the previous year, exceeding the estimate of $2.79.Adjusted EBIT: Rose by 12% to $1.5 billion, with an adjusted EBIT margin increase of 140 basis points to 29.3%.Interest on Funds Held for Clients: Increased 29% to $321 million, reflecting higher average client funds balances and improved yield.PEO Services: Segment revenue grew by 5%, with average worksite employees increasing by 3% to approximately 732,000.Fiscal 2024 Outlook: Expects revenue growth of 6% to 7% and adjusted diluted EPS growth of 10% to 12%.

Warning! GuruFocus has detected 5 Warning Sign with ADP.