Automatic Data Processing, Inc. (ADP) reported that its first quarter adjusted EPS increased 13% to $1.86. Analysts on average had expected the company to earn $1.79 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. Net earnings increased 11% to $779 million. Earnings per share increased 13% to $1.87. First quarter revenues increased 10% to $4.2 billion. The growth in revenues was 11% in organic constant currency.
Looking forward, the company increased full year guidance for revenue, adjusted EBIT margin, and adjusted EPS. For fiscal 2023, the company expects: revenue growth of 8% to 9%; and adjusted EPS growth of 15% to 17%.
ADP also announced that its board has appointed Maria Black to succeed Carlos Rodriguez as chief executive officer, effective January 1, 2023. Ms. Black is ADP's president. Rodriguez will serve as executive chair of the board. John Jones, the current chairman of the board, will assume an independent lead director role on the board.
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