Automatic Data Processing, Inc (NASDAQ:ADP) reported fiscal third-quarter results on Wednesday.
The company reported quarterly revenues of $5.55 billion, beating the analyst consensus estimate of $5.49 billion. Revenues increased 6% year-over-year.
The human resources management software company reported quarterly adjusted EPS of $3.06, beating the analyst consensus estimate of $2.97.
Also Read: ADP Q2 Earnings: Revenue And EPS Beat, Record Client Satisfaction and Strong HCM Demand, Reaffirms FY25 Outlook
Employer Services revenues increased 5% to $3.77 billion. PEO Services revenues increased 7% to $1.79 billion.
Adjusted EBIT increased 6% to $1.63 billion, and adjusted EBIT margin remained firm at 29.3%. Net earnings increased 5% Y/Y to $1.25 billion.
ADP held $2.68 billion in cash and equivalents as of March 31.
CFO Transition: ADP tapped Treasurer Peter Hadley as the CFO, effective July 1. He succeeds Don McGuire, who has served as CFO since 2021. McGuire will remain available through Sept. 30.
FY25 Outlook: ADP reiterated a revenue growth outlook of 6%-7% or $20.36 billion-$20.55 billion, versus the consensus of $20.44 billion and adjusted diluted EPS growth of 8%-9% or $9.91-$10.01 (prior 7%-9% or $9.82-$10.01), versus the consensus of $9.94.
Price Action: ADP stock is down 0.36% to $294.71 premarket at the last check on Wednesday.
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