American Data Processing (Nasdaq: ADP) was originally scheduled to release earnings Tuesday morning, but the company decided to delay the release in the wake of Sandy in New York City. The extra two days didn't damper expectations any, and ADP reported strong earnings for the quarter.
What analyst were expecting
Analysts were expecting to see earnings of $0.62 per share on revenues of $2.63 billion. ADP came in right around these numbers, reporting $0.62 earnings per share on $2.6 billion in revenues. Both of these numbers were up slightly from the same quarter last year, and the company also stated that they had repurchased 3.7 million shares of its stock for a total of $215 million.
Any other news from the earnings release?
As this earnings release represents the first quarter of fiscal 2013, the company published guidance on what they expect for the entirety of of the new year. CEO Carlos Rodriguez stated that he expects revenues to be up 5%-7% over fiscal year 2012, as well as EPS growth within the same range.
Other news from ADP was regarding a change in the very important CFO position. Jan Siegmund will be taking over effective November 5th, and his background in building parts of ADP's international business should help him succeed in his new position. It also doesn't hurt that he has a PhD in economics and a masters degree in industrial engineering, two skills that will help ADP expand its role as a go-to source for monthly job data and its newly enhanced ADP National Employment Report.
Robert Eberhard has no positions in the stocks mentioned above. Follow him on Twitter, where he might be talking about stocks and financials. The Motley Fool has no positions in the stocks mentioned above. Motley Fool newsletter services recommend Automatic Data Processing. Try any of our Foolish newsletter services free for 30 days.
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