Although diluted earnings rose in ADP’s fiscal fourth quarter, the results still fell short of analyst estimates Thursday.The Roseland-based payroll and human resources company said earnings from continuing operations rose 15 percent, to 55 cents per share, in Q4. However, Wall Street’s consensus estimate was 59 cents per share, according to Yahoo! Finance.
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“Our strong new business bookings growth across the ADP portfolio exceeded our expectations,” Carlos Rodriguez, ADP’s chief executive officer and president, said in a prepared statement. “This outperformance reflects the high demand for additional (human capital management) solutions, including products that assist businesses in complying with the Affordable Care Act, and positions ADP well for long-term growth.”
ADP said revenue grew 5 percent, to $2.7 billion, despite unfavorable foreign currency exchange rates. Pretax earnings grew 7 percent, to $382 million, again overcoming currency issues.
For the full fiscal year, ADP’s revenue from continuing operations grew 7 percent, to $10.9 billion, while pretax earnings grew 10 percent, to $2.1 billion, the company said.
“ADP had another successful year,” Rodriguez said, “demonstrating that our strategy to drive sustainable growth is working.”
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