Payroll processor Automatic Data Processing Inc. (ADP) posted higher third-quarter net earnings of $482.7 million, or $0.99 a share, compared with last year's $452.4 million, or $0.92 a share. On average, 23 analysts polled by Thomson Reuters expected earnings per share of $0.98 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues advanced to $3.11 billion, from $2.91 billion in the same period last year. Analysts estimated revenues of $3.11 billion for the quarter.
For fiscal 2013, the company now sees 6% - 7% growth in earnings per share from continuing operations, versus its prior forecast of 5% - 7% growth. Also, revenue growth of 6% - 7% is currently anticipated, compared with its earlier growth range of 5% - 7%.
Commenting on the third-quarter results, ADP's Chief Executive said, "Combined worldwide new business bookings for Employer Services and PEO Services grew 9%, and worldwide client revenue retention improved during this critical third quarter period. Our business segments continued to perform well driving good revenue growth and strong pretax margin expansion."
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