ROSELAND, N.J., April 30, 2014 (GLOBE NEWSWIRE) -- ADP ® (Nasdaq:ADP), a leading global provider of Human Capital Management (HCM) solutions, today announced its third quarter fiscal 2014 financial results ending March 31, 2014. Highlights below:
- ADP reported 7% growth in revenues, nearly all organic, to $3.3 billion for the quarter.
- Pretax and net earnings from continuing operations both increased 6%.
- Diluted earnings per share from continuing operations of $1.06 increased 7% from $0.99 a year ago.
- ADP acquired 0.5 million shares of its stock for treasury at a cost of $42 million in the quarter.
- ADP announced the planned spin-off of its Dealer Services business, which is expected to be completed in October of 2014.
"ADP posted results for the third quarter that reflect the strength of our business model and demonstrate that our innovative solutions resonate with the marketplace," said Carlos Rodriguez, president and chief executive officer, ADP. "I am particularly pleased with worldwide new business bookings growth of 14% for Employer Services and PEO Services combined. During the last few months, ADP showcased new product innovations targeted to both mid-sized and large companies. We held an interactive virtual event announcing enhancements to ADP Workforce Now ® that help simplify regulatory compliance and leverage analytics to assist clients with managing their Human Capital Management needs. In addition, at our ADP Meeting of the Minds conference for up-market clients we previewed a new user experience."
"Each of our business segments performed well in the quarter, driving good growth in both revenues and pretax earnings," said Jan Siegmund, chief financial officer, ADP. "Share repurchases were lower than in prior quarters as a result of ADP's decision to not repurchase shares prior to the announcement of the planned spin-off of Dealer Services. We remain committed to returning excess cash to our shareholders over the long-term."