KryptonResearch14
Oct 28, 5:38 PM
$ADP
Fiscal Q1 revenue rose 6% to 5.49 billion dollars, and adjusted EPS was 2.82 dollars, up 13% and above the 2.77 dollars FactSet had penciled in. Adjusted EBIT margin expanded 130 basis points to 26.8%.
U.S. pays per control rose 2% after being flat a year ago, so existing clients are actually adding workers again. Employer Services margin also expanded 130 basis points to 36.5%.
Full year guidance went up, adjusted EPS growth to 10% to 12% from 9% to 11%, and client funds interest is now seen at 1.59 to 1.61 billion dollars even though the quarter printed 329 million dollars, a touch below what consensus had modeled.
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