ADP Earnings: Highlights of Automatic Data Processing’s Q3 2023 results

Automatic Data Processing, Inc. (NASDAQ: ADP) reported a sharp increase in adjusted earnings for the third quarter of 2023, aided by a 9% growth in revenues. The technology company also provided guidance for fiscal 2023.

Third-quarter net income was $1.04 billion or $2.51 per share, compared to $928.5 million or $2.21 per share in the same period of last year. Adjusted earnings moved up 14% year-over-year to $2.52 per share.

Third-quarter revenues rose 9% annually to $4.93 billion, lifting the bottom line. The management continues to expect full-year revenue to grow between 8% and 9%.

“Our innovative HCM solutions continue to meet and exceed the expectations of our clients and prospects, and we are proud to provide the trusted expertise they need to navigate the changing environment,” said ADP’s CEO Maria Black.