Automatic Data Processing, IncADPreported fourth-quarter FY22 revenue growth of 10% year-on-year to $4.1 billion, beating the consensus of $4.05 billion.
Employer services revenue rose 8% Y/Y to $2.72 billion, PEO services revenue grew 16% Y/Y to $1.41 billion.
Non-GAAP EPS of $1.50 beat the consensus of $1.46.
The adjusted EBIT margin expanded 170 bps to 19.8%. ADP held $1.44 billion in cash and equivalents.
CEO Carlos Rodriguez said, “Over the course of fiscal 2022, we consistently exceeded our revenue growth expectations driven by significant sales momentum and near-record client revenue retention. Demand for our HCM and HR outsourcing services remains robust amid the increasingly dynamic world of work, and we are proud of the important role we play as a partner to our nearly one million clients.”
2023 Outlook: ADP expects revenue of $17.65 billion – $17.98 billion above the consensus of $17.63 billion.
It forecasted non-GAAP EPS of $7.92 – $8.13, above the consensus of $7.74.
Price Action: ADP shares traded higher by 2.15% at $222.59 on the last check Wednesday.
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