ROSELAND (dpa-AFX) - Automatic Data Processing, Inc. (ADP), a provider of payroll services and employee-benefits administration, Wednesday reported first-quarter earnings which declined, despite a 7 percent increase in employer services revenue.
For the three months to September, net earnings were $295.2 million or $0.61 per share, down from $328.6 million or $0.68 per share a year earlier.
Earnings from continuing operations, however, increased to $298 million or $0.62 per share, from $264.9 million or $0.55 per share a year earlier.
On average, seventeen analysts polled by Thomson-Reuters estimated earnings to be $0.60. Analysts' estimates typically exclude one-time items.
Revenues rose to $2.57 billion, from $2.36 billion a year earlier. Analysts expected revenues of $2.55 billion.
For fiscal 2015, the company now expects growth of 7 to 8 percent and 12 to 14 percent rise earnings per share from continuing operations.
ADP expects to complete $825 million in share repurchases by June 30, 2015, depending on market condition, the company said in a statement today.
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