“So far this year, we have realized and delivered solid double-digit growth,” CFO Don McGuire said during the recent webcast for earnings for the third quarter ended January 31, in explaining the optimism. “We look forward to delivering a strong finish to the year.”
ADP expects revenue for its PEO segment to be 14 percent to 15 percent over last year’s corresponding period, compared to the prior guidance of 13 percent to 15 percent.
For the most recently ended quarter, the company reported net income of $928.5 percent, up 14.5 percent from $928.5 million Revenue reached $4.51 billion, an increase of 10 percent from $4.1 billion for last year’s corresponding period.
CEO Carlos Rodriguez said ADP had an unanticipated increase in client retention. He said retention, “Rather than decreasing the quarter towards pre-pandemic levels like we anticipated, our retention actually increased further into record territory.”