By Michael Tobin
Automatic Data Processing Inc. (ADP) reported fourth quarter earnings that beat analysts' expectations.
The online payroll and human resources solutions company reported a profit of $475.5 million, or $1.09 a share, compared with $140.9 million, or 32 cents a share, a year prior. Analysts polled by FactSet estimated earnings of $1.10 a share.
ADP attributed the earnings growth to last year's $365 million pre-tax charge associated with ADP's Voluntary Early Retirement Program and other company initiatives.
ADP had adjusted earnings of $1.14 a share, compared with 99 cents a share in the prior year period. Analysts expected adjusted earnings of $1.13 a share.
The company had $3.5 billion in revenue, compared with $3.32 billion during last year's fourth quarter. Analysts expected revenue of $3.50 billion.
For the full-year 2020, ADP guided for revenue growth of 6% to 7% and earnings growth of 14% to 16%. The company guided for adjusted earnings growth of 12% to 14%.
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