- Automatic Data Processing, Inc (NASDAQ: ADP (NASDAQ:ADP)) reported third-quarter FY22 revenue growth of 10% year-on-year to $4.51 billion, beating the consensus of $4.46 billion.
- Employer services revenue rose 8% Y/Y to $3 billion, PEO services revenue grew 14% Y/Y to $1.51 billion.
- Non-GAAP EPS of $2.21 beat the consensus of $2.08.
- The adjusted EBIT margin expanded 50 bps to 26.8%.
- ADP held $1.63 billion in cash and equivalents.
- CFO Don McGuire said, "With considerable momentum in bookings, pays per control, PEO worksite employee growth, and Employer Services revenue retention, we are positioned for a strong finish to fiscal 2022, and we look forward to driving sustainable long-term growth."
- 2022 Outlook: ADP raised revenue outlook from $16.21 billion - $16.36 billion prior to $16.36 billion - $16.51 billion, above the consensus of $16.30 billion.
- ADP increased its non-GAAP EPS outlook from $6.74 - $6.86 to $6.92 to $7.04, above the consensus of $6.83.
- Price Action: ADP shares traded higher by 4.64% at $232.59 on the last check Wednesday.
Read at Benzinga