Automatic Data Processing, Inc. posted its fiscal first quarter adjusted earnings of $1.86 per share, up +13% year-over-year, and exceeding analysts’ expectations of $1.79 per share (according to figures compiled by Thomson Reuters). Revenues in the quarter ending September grew +10% from the year-ago period to $4.2 billion. Revenue was up +11% in organic constant currency.
Looking ahead, the payroll management company boosted its full year outlook for revenue growth to a range of 8% to 9%; and adjusted EPS growth range of 15% to 17%.
The company announced that the appointment of Maria Black to succeed Carlos Rodriguez as chief executive officer, effective January 1, 2023. Rodriguez will serve as executive chair of the board.