Automatic Data Processing's Net Income, Revenue Fall But Beat Expectations
July 29 2020 - 7:54AM
Dow Jones News
By Allison Prang
Automatic Data Processing Inc.'s profit and revenue slipped in
the company's fourth quarter but both beat Wall Street's
expectations.
ADP's earnings were $411.5 million, compared with net income of
$475.5 million a year earlier, and earnings were 96 cents a share,
down from $1.09 a share.
Adjusted earnings were $1.14 a share. According to FactSet,
analysts expected 96 cents a share.
"The Covid-19 pandemic caused rapid and severe economic
disruption, but we have seen signs of improvement as commercial
activity has increased, businesses have started to reopen, and
employees have started to gradually return to work," Chief
Executive and President Carlos Rodriguez said in prepared
remarks.
Revenue was $3.38 billion, down almost 3%. The company's revenue
was more than $3.29 billion, or what analysts expected.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
July 29, 2020 07:39 ET (11:39 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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