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Automatic Data Processing's (Nasdaq:ADP) second quarter profits dropped by 1.8%, but the company raised its guidance for 2011.

The payroll processing and human resources company said Wednesday it earned $310.1 million for the second quarter, down from $315.8 million for the year-ago period. Earnings per diluted share were unchanged at 62 cents.

Revenues increased 9% year-over-year to $2.4 billion. Four percentage points of the growth were attributable to the company's acquisitions, including its $400 million July purchase of Cobalt, a maker of digital marketing programs for automakers.

Analysts polled by Thomson Reuters predicted earnings of 61 cents per share on revenues of $2.34 billion.

Revenues from the employer services segment, the company's largest, grew 7% to $1.6 billion. The company said employees on the payrolls of its U.S. customers' grew 2.4% for the quarter.

Revenues from professional employer services grew 15% to $358.2 million, while sales from dealer services grew 26% to $375.3 million.

The company said it expects both earnings per share and revenues to grow 5% in 2011, compared to the previous growth forecast of between 3% to 5% for both figures.

Despite the better-than-expected results, the company's share price fell 2.44% on Wednesday.

Disclosure: None

Source: Automatic Data Processing: Profits Fall 1.8%, But Guidance Raised