ADP (ADP) Tops Q2 EPS by 5c; Updates FY17 Outlook

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Go back to ADP (ADP) Tops Q2 EPS by 5c; Updates FY17 Outlook

ADP Reports First Quarter Fiscal 2017 Results

November 2, 2016 7:00 AM EDT

Revenues increased 7% to $2.9 billion for the quarter, 8% on a constant dollar basisDiluted earnings per share from continuing operations increased 13% to $0.81; adjusted diluted earnings per share from continuing operations increased 26% to $0.86, 26% on a constant dollar basisRecorded an anticipated pre-tax restructuring charge of $40 million related to the previously announced Service Alignment InitiativeOn November 1, 2016, ADP signed an agreement with WageWorks, Inc. to sell its Consolidated Omnibus Reconciliation Act (COBRA) and Consumer Health Spending Account (CHSA) businesses for $235 millionADP acquired 4.0 million shares of its stock for treasury at a cost of $352 million in the quarter

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WageWorks Acquires ADP’s Consumer Health Spending Account and Consolidated Omnibus Reconciliation Act Businesses to Further Its Leadership Position in Consumer-Directed Benefits

November 1, 2016 4:15 PM EDT

SAN MATEO, Calif., Nov. 01, 2016 (GLOBE NEWSWIRE) -- WageWorks, Inc. (NYSE: WAGE), a leader in administering Consumer-Directed Benefits (CDBs), today announced it has signed definitive agreements to acquire Automatic Data Processing Inc.s (NASDAQ: ADP) Consumer Health Spending Account (CHSA) and Consolidated Omnibus Reconciliation Act (COBRA) businesses.  This transaction is expected to close by the end of November, 2016 and further strengthens WageWorks' leadership position in the Consumer-Directed Benefits market.

ADPs CHSA and COBRA businesses provide a range of services including HSA, HRA, FSA, commuter benefits, COBRA,... More