U.S. markets open in 3 hours 51 minutes
  • S&P Futures

    4,048.25
    -36.00 (-0.88%)
     
  • Dow Futures

    33,843.00
    -203.00 (-0.60%)
     
  • Nasdaq Futures

    12,069.25
    -153.00 (-1.25%)
     
  • Russell 2000 Futures

    1,902.20
    -17.30 (-0.90%)
     
  • Crude Oil

    79.20
    -0.48 (-0.60%)
     
  • Gold

    1,926.70
    -2.70 (-0.14%)
     
  • Silver

    23.81
    +0.19 (+0.80%)
     
  • EUR/USD

    1.0912
    +0.0038 (+0.35%)
     
  • 10-Yr Bond

    3.5180
    0.0000 (0.00%)
     
  • Vix

    19.98
    +1.25 (+6.67%)
     
  • GBP/USD

    1.2414
    +0.0019 (+0.16%)
     
  • USD/JPY

    129.9040
    +0.1000 (+0.08%)
     
  • BTC-USD

    23,283.73
    -129.72 (-0.55%)
     
  • CMC Crypto 200

    526.71
    +9.70 (+1.88%)
     
  • FTSE 100

    7,751.26
    -13.89 (-0.18%)
     
  • Nikkei 225

    27,433.40
    +50.84 (+0.19%)
     

ADP Clocks 9% Revenue Growth In Q2 Backed By New Bookings, Client Retention

  • Automatic Data Processing, Inc (NASDAQ: ADP) reported second-quarter FY23 revenue growth of 9% year-on-year to $4.39 billion, beating the consensus of $4.38 billion.

  • Employer services revenue rose 8% Y/Y to $2.89 billion, and PEO services revenue grew 11% Y/Y to $1.50 billion.

  • Non-GAAP EPS of $1.96 beat the consensus of $1.93.

  • Adjusted EBIT margin expanded by 120 bps to 24.3%. ADP held $1.35 billion in cash and equivalents.

  • "With strong results in new business bookings, client revenue retention, and U.S. pays per control growth as well as a continued healthy HCM demand backdrop, we are well-positioned to continue our growth across the balance of the year," CFO Don McGuire said.

  • 2023 Outlook: ADP reiterated revenue of $17.82 billion - $17.98 billion (8% - 9% growth) versus the consensus of $17.94 billion.

  • It reiterated the non-GAAP EPS forecast to $8.06 - $8.20 versus the consensus of $8.12.

  • Price Action: ADP shares traded lower by 1.77% at $234.92 in the premarket on the last check Wednesday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.