Automatic Data Processing, Inc. (ADP) reported first quarter net earnings of $284.1 million or $0.56 per share, compared to $276.9 million or $0.54 per share last year.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.50 per share. Analysts' estimates typically exclude special items.
Total revenues declined to $2.1 billion from $2.18 billion in the same quarter last year. Fifteen analysts estimated revenues of $2.05 billion.
The company updated its fiscal 2010 forecasts for total ADP revenues and earnings per share. Total revenues are now expected to decline 1% to 2%. The company now expects earnings per share in a range of $2.34 to $2.39, compared with $2.39 earnings per share from continuing operations in fiscal 2009 excluding favorable tax settlements in the fourth quarter.
Earlier, the company expected earnings to be in the range of $2.29 to $2.39 per share, excluding favorable tax settlements in the fourth quarter. Total revenues for fiscal 2010 were expected to decline 1% to 4%.
Analysts expect the company to earn $2.35 per share, on revenues of $8.72 billion.
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