ADP slips following FQ4 revenue beat, in-line FY15 guidance

ADP (ADP -0.9%) expects FY15 (ends June '15) revenue growth of 7%-8% and EPS growth of 11%-13% (translates into EPS of $3.48-$3.54). That's in-line with a consensus for 7.5% growth and EPS of $3.49.

Employer services revenue +8% Y/Y in FQ4 to $2.14B; PEO services +19% to $584M; dealer services (set to be spun off) +8% to $499.4M. Employer services margin +250 bps Y/Y to 26.3%, PEO services +70 bps to 10.7%, dealer services +210 bps to 22.6%.

Total op. margin rose 170 bps to 14.6%. 430K+ clients now use ADP's cloud service offerings.

FQ4 results, PR

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