Automatic Data Processing Beats Q1 Estimates, Narrows 2010 Guidance (ADP)

11//4/2009 - Automatic Data Processing (NYSE:ADP) reported Q1 EPS of $0.56, beating consensus analyst estimates of $0.50. Revenue for the quarter fell 3.6% year-over-year to $2.1 billion, coming out ahead of consensus estimates of $2.05 billion. President ad CEO Gary Butler said, "I am encouraged by ADP's first quarter results. As anticipated, the comparison to a year ago was difficult as the prior fiscal year's first quarter was not significantly impacted by the economic slowdown that began in September 2008." For fiscal 2010, the company forecasts total revenue decline of 1% to 2% and diluted earnings per share between $2.34 and $2.39, compared to consensus estimates of $2.35.

Write to Chip Brian at cbrian@tradethetrend.com

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