Automatic Data Processing, Inc ADP reported fourth-quarter (Q4) 2023 revenue growth of 8% year-on-year to $4.48 billion, beating the consensus of $4.39 billion.
Employer services revenue rose 11% year-over-year to $3.02 billion, and PEO services revenue grew 4% Y/Y to $1.46 billion.
Non-GAAP EPS of $1.89 beat the consensus of $1.83.
Adjusted EBIT margin expanded by 270 bps to 22.5%. ADP held $2.08 billion in cash and equivalents.
"New business bookings were incredibly strong, and Employer Services retention returned to a record level, underscoring our strong market position," ADP CEO Maria Black said. "As we look ahead, we are focused on expanding on our leadership with a simple set of priorities across our business — leading with best-in-class HCM technology, providing unmatched expertise and outsourcing solutions, and leveraging our global scale and reach to benefit our clients."
2024 Outlook: ADP expects revenue of $19.09 billion — $19.27 billion (consensus $18.97 billion), up by 6% - 7% Y/Y, and an adjusted EPS of $9.05 — $9.22 (consensus $8.92), up by 10% — 12%.
Price Action: ADP shares traded higher by 0.63% at $242.00 premarket on the last check Wednesday.
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