Apr. 30, 2014, 3:13 PM
- Though ADP (ADP +1.3%) missed FQ3 estimates, it now expects FY14 revenue growth to be at the high end of a prior 7%-8% range. EPS growth is forecast to be at the midpoint of a prior 8%-10% range, and pre-tax margin is still expected to come in at 18.8%.
- Also helping ADP's cause: New business bookings for its employer and professional employer organization (PEO) services ops rose 14% Y/Y, an improvement from FQ2's 7%.
- Employer services revenue +6% Y/Y to $2.35B, PEO services +15% to $651M, dealer services (about to be spun off) +7% to $495M.
- Opex rose 8% Y/Y to $1.64B (slightly above rev. growth of 7%), and pre-tax margin fell 10 bps to 23.2%. $42M was spent on buybacks.
- FQ3 results, PR
Apr. 30, 2014, 7:32 AM| Comment!
Apr. 29, 2014, 5:30 PM
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Apr. 21, 2014, 6:21 PM
- Regina Lee, head of ADP's Major Account Services arm and ADP Canada, has "mutually agreed" with the company she'll leave at the end of 2014. (8-K)
- Lee's business units handle ADP's North American HR outsourcing work and other human capital management services for U.S. mid-sized and Canadian businesses. She'll be leaving following a 31-year stint with the company.
- Previous: ADP spinning off dealer services ops
Apr. 10, 2014, 11:44 AM
- ADP (ADP +1%) is spinning off its Dealer Services unit, a provider of IT solutions to 26K+ vehicle dealers, through an IPO. The transaction is expected to close by the early part of Q4.
- The BPO giant expects to receive tax-free proceeds of at least $700M, which it plans to return to shareholders via buybacks once the spinoff is finished. Dealer Services accounts for nearly $2B of ADP's $11B+ in annual sales.
- CEO Carlos Rodriguez: "Consistent with our strategy to grow our position as a global provider of HCM solutions, we have concluded that the separation of Dealer Services will allow both companies to focus on their respective industries."
Apr. 9, 2014, 12:22 PM
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Aug. 2, 2013, 9:56 AM
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