ROSELAND, N.J. (AP) — ROSELAND, N.J. (AP) — Automatic Data Processing Inc. (ADP) on Wednesday reported fiscal first-quarter profit of $956.3 million.
The Roseland, New Jersey-based company said it had net income of $2.34 per share. Earnings, adjusted for non-recurring gains, came to $2.33 per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.20 per share.
The payroll and human resources company posted revenue of $4.83 billion in the period, also exceeding Street forecasts. Six analysts surveyed by Zacks expected $4.76 billion.
ADP shares have risen 24% since the beginning of the year, while the S&P's 500 index has increased 22%. The stock has climbed 33% in the last 12 months.