Automatic Data Processing 4Q Profit, Revenue Rise
July 27 2022 - 7:54AM
Dow Jones News
By Connor Hart
Automatic Data Processing Inc. on Wednesday said that
fourth-quarter profit and revenue rose, driven by increased sales
and client retention.
The Roseland, N.J.-based human-resources-management-software
company said net income rose to $625.4 million, or $1.50 a share,
from $538.2 million, or $1.26 a share, in the previous year.
Adjusted for costs such as interest income and expense,
per-share earnings matched the quarter's EPS of $1.50. Analysts
polled by FactSet were expecting adjusted per-share earnings of
$1.46.
Revenue for the quarter ended June 30 rose to $4.13 billion from
$3.74 billion in the prior year. Analysts were expecting revenue of
$4.05 billion, according to FactSet.
Operating costs for the quarter were up, and total expenses rose
to $3.33 billion from $3.06 billion in the year-ago quarter, the
company said.
"Over the course of fiscal 2022, we consistently exceeded our
revenue growth expectations driven by significant sales momentum
and near-record client revenue retention," Chief Executive Carlos
Rodriguez said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
July 27, 2022 07:39 ET (11:39 GMT)
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