ADP (ADP) Tops Q1 EPS by 2c

ADP (NASDAQ: ADP) reported Q1 EPS of $0.62, $0.02 better than the analyst estimate of $0.60. Revenue for the quarter came in at $2.6 billion versus the consensus estimate of $2.55 billion.

"ADP had a solid start to fiscal 2015 as we intensified our commitment to delivering innovative solutions across the HCM spectrum," said Carlos Rodriguez, president and chief executive officer, ADP. "Our ability to retain and grow our loyal client base is attributable to ADP's unique ability to combine great technology with comprehensive service and compliance expertise to help clients manage their most important asset – their people. Our performance in the quarter is evidence that ADP is executing well against this HCM strategy."

"ADP reported solid first quarter results as both of our business segments delivered solid revenue growth and improved profitability," said Jan Siegmund, chief financial officer, ADP. "In connection with the spin-off of Dealer Services, ADP sold a portfolio of notes receivable to a third party in the first quarter, which resulted in a one-time contribution of approximately 2 cents per share in the quarter. Share repurchases were lower than in prior quarters. However, by the end of the fiscal year, we intend to repurchase shares with the $825 million in dividend proceeds received from CDK prior to the spin-off, subject to market conditions, in addition to share repurchases offsetting dilution from employee benefit plans."

For earnings history and earnings-related data on ADP (ADP) click here.

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