ADP (ADP, $241.12) beats fiscal Q4...

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published in Blogs

Jul 31, 2022

ADP (ADP, $241.12) beats fiscal Q4 expectations

Automatic Data Processing, Inc. reported fourth-quarter fiscal 2022 results that surpassed the Zacks Consensus Estimate.

The human resources company’s adjusted earnings in the quarter came in at $1.50 per share, exceeding the Zacks Consensus Estimate by 1.4%.

Revenues rose +10.5% from the year-ago quarter to $4.13 billion, beating the consensus estimate by 1.8%.

The company’s employer Services segment’s revenues climbed +8% from the year-ago quarter to $2.7 billion, with pays per control rising +7% year over year.

PEO Services revenues grew +16% year over year to $1.41 billion. Average worksite employees paid by PEO Services grew +14% to 704,000.

Interest on funds held for clients rose +23% to $127 million, and average client funds balances grew 12% to $32.8 billion. Average interest yield on client funds widened 10 basis points to 1.5%.

Looking ahead, ADP expects full-fiscal year 2023 revenues to grow in the 7-9% range (with employer Services revenues growth of 6-8% and PEO Services revenues expansion at 10-12% ranges).The company projects 13-16% growth in adjusted earnings per share. Adjusted effective tax rate is estimated to be around 23%.

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