Investing.com UK - Financial Markets Worldwide
🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

ADP Clocks 9% Revenue Growth In Q2 Backed By New Bookings, Client Retention

Published 25/01/2023, 13:13
© Reuters. ADP Clocks 9% Revenue Growth In Q2 Backed By New Bookings, Client Retention

Benzinga -

  • Automatic Data Processing, Inc (NASDAQ: ADP) reported second-quarter FY23 revenue growth of 9% year-on-year to $4.39 billion, beating the consensus of $4.38 billion.
  • Employer services revenue rose 8% Y/Y to $2.89 billion, and PEO services revenue grew 11% Y/Y to $1.50 billion.
  • Non-GAAP EPS of $1.96 beat the consensus of $1.93.
  • Adjusted EBIT margin expanded by 120 bps to 24.3%. ADP held $1.35 billion in cash and equivalents.
  • "With strong results in new business bookings, client revenue retention, and U.S. pays per control growth as well as a continued healthy HCM demand backdrop, we are well-positioned to continue our growth across the balance of the year," CFO Don McGuire said.
  • 2023 Outlook: ADP reiterated revenue of $17.82 billion - $17.98 billion (8% - 9% growth) versus the consensus of $17.94 billion.
  • It reiterated the non-GAAP EPS forecast to $8.06 - $8.20 versus the consensus of $8.12.
  • Price Action: ADP shares traded lower by 1.77% at $234.92 in the premarket on the last check Wednesday.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.