Yesterday, 11:58 AM
- "The significant planned increase in ADP's (ADP -0.1%) funded debt signals a meaningful change in financial policy and sets the stage for the possibility of further credit weakening through future debt raises," says Moody's cutting the company's credit rating to Aa3 from Aa1.
- Previously: ADP raising $2B in debt to buy back shares (Aug. 28)
- "Future long-term debt issuances could diminish ADP's financial flexibility, including its ability to pursue prudent strategic opportunities and to defend its market share against emerging competition," continues Moody's. "The company's credit profile had previously been weakened by asset divestitures, which diminished its scale and decreased diversification of its product portfolio."
Yesterday, 7:49 AM
- Assuming successful completion of the $2B offering, ADP intends to repurchase 25M shares, or more than 5% of the float, over the following 12-24 months.
- This 25M share plan is in addition to the roughly 26M shares still remaining under previous authorizations.
- CEO Carlos Rodriquez notes the company has the necessary leverage capacity within its current AA/Aa credit rating.
- Source: Press Release
Tue, Aug. 4, 12:47 PM
Thu, Jul. 30, 4:01 PM
- ADP (ADP -2.7%) has sold off after posting an FQ4 miss and guiding for FY16 (ends June '16) EPS to rise 12%-14% from an FY15 level of $2.89. That implies a range of $3.24-$3.29, below a $3.31 consensus. Revenue is expected to rise 7%-9%, in-line with an 8.1% consensus.
- The HR/BPO services giant notes FQ4 selling expenses were higher than expected due to strong bookings activity (+18% Y/Y). Employer services revenue rose 2% Y/Y to $2.18B; PEO services rose 16% to $678M. Op. margin rose 30 bps to 14.2%. Forex had a 3% impact on total revenue growth.
- FQ4 results, PR
Thu, Jul. 30, 7:12 AM
Wed, Jul. 29, 5:30 PM
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Tue, Jul. 21, 10:15 AM
- New proposed rules from the Labor Department on overtime wages have companies scrambling to adjust to the potential for lower thresholds for extra pay.
- Though there are some fears that costs could rise for retailers and restaurant chains as they pay out more OT wages, MIT professor Thomas Kochan notes the industries could evolve to become more efficient.
- A push toward efficiency tracking could benefit payroll services companies such as ADP (NASDAQ:ADP), Paychex (NASDAQ:PAYX), and TriNet (NYSE:TNET).
- Previously: Overtime pay rules to be shaken up (Jun. 30 2015)
- Previously: New overtime wage proposal looms large in retail sector (Jun. 30 2015)
Thu, Apr. 30, 7:17 AM
Wed, Apr. 29, 5:30 PM
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Wed, Apr. 8, 3:35 PM
Wed, Feb. 4, 7:08 AM
Tue, Feb. 3, 5:30 PM
Thu, Jan. 22, 1:33 PM
Nov. 11, 2014, 1:05 PM
Oct. 29, 2014, 1:57 PM
- Excluding its Dealer Services ops (spun off at the end of FQ1), ADP (ADP +0.4%) expects FY15 (ends June '15) revenue to be up 7%-8% Y/Y, and EPS from continuing ops to be up 12%-14% from an FY14 level of $2.58. The EPS forecast implies a range of $2.89-$2.94; consensus is at $2.93.
- Employer Services revenue +7% Y/Y to $2.1B; PEO services +18% to $594.9M. Employer Services pre-tax margin +120 bps to 27.8%; PEO Services +90 bps to 11.2%. Total expenses rose 8% to $2.14B.
- ADP forecasts 6%-7% FY15 Employer Services growth, and 13%-15% PEO Services growth. New business bookings are expected to rise 8% from an FY14 level of $1.4B.
- FQ1 results, PR
Oct. 29, 2014, 7:32 AM
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