ADP tops Street 1Q forecasts

Markets Associated Press

Automatic Data Processing Inc. (ADP) on Thursday reported fiscal first-quarter profit of $401.5 million.

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On a per-share basis, the Roseland, New Jersey-based company said it had profit of 90 cents. Earnings, adjusted for non-recurring costs, came to 91 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.

The payroll and human resources company posted revenue of $3.08 billion in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $3.06 billion.

ADP shares have climbed 12 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 15 percent. The stock has risen 33 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ADP at https://www.zacks.com/ap/ADP