ADP (ADP) has projected a growth of 10% to 12% in its Earnings per Share (EPS) along with a similar increase in adjusted EPS for fiscal 2024. The corporation also anticipates a 6% to 7% rise in its revenue growth. The company expresses confidence in its capability to sustain the growth throughout the remaining year.
Don McGuire, the CFO of ADP, affirmed the company's dedication to enhancing profitability while maintaining consistent investment strategies to secure long-term sustainable growth for its shareholders.
The second-quarter report reveals an 8% increase in net earnings, equating to $878 million. The company's EPS displayed a 9% rise, reaching $2.13, and the adjusted EPS also increased by 9% to $2.13. These results surpassed analysts' average expectation of earnings per share of $2.10, as compiled by Thomson Reuters, typically excluding special items.
ADP's second-quarter revenue surged by 6% to $4.7 billion, showing a similar increase on an organic constant currency basis. This outcome also surpassed the average analyst's revenue estimate of $4.66 billion.
