Automatic Data Processing Beats Estimates (ADP)

Roseland, New Jersey-based Automatic Data Processing, Inc. ADP on Wednesday morning released financial results that beat Wall Street expectations. Automatic Data Processing, Inc reported that its 3rd quarter net earnings fell to $310.1 million, or 62 cents per share, from $315.8 million, or 62 cents per share, a year earlier. Automatic Data Processing, Inc reported revenue of $2.41 billion, up from $2.2 billion a year earlier. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 61 cents per share, on revenue of $2.34 billion. President and chief executive officer Gary C. Butler said, "I am pleased with ADP's second quarter results and that the trends in our key business metrics continued to be positive." Automatic Data Processing, Inc. (ADP) ended the previous trading session at $49.69 per share. Analysts covering the company's stock have a consensus price target of $48.69 per share. Automatic Data Processing, Inc with nearly $9 billion in revenues and about 560,000 clients, is one of the world's largest providers of business outsourcing solutions. The company is also a leading provider of integrated computing solutions to auto, truck, motorcycle, marine, recreational, heavy vehicle and agricultural vehicle dealers throughout the world. Read more from Benzinga's Company news.