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ADP 4Q Slower, But Good Growth for 2012

Thursday, Aug 02 2012
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Carlos Rodriguez, ADPAutomatic Data Processing saw less growth for the fourth quarter ended June 30 than it had for the rest of the year. But the payroll services company still ended 2012 with a respectable 10.7-percent increase in net income on an 8-percent rise in revenue.

"Sales growth was double digit across all major market segments in the United States," CEO Carlos Rodriguez said in this week's earnings conference call. That growth included segments such as small business and major national sales. He noted that the company had $1.2 billion in new client sales and that while client retention fell to 91 percent that was down from a record high.

Net income for fiscal 2012 was $1.39 billion, up from $1.25 billion for 2011. Revenue for the recently ended year was $10.67 billion, compared to $9.88 billion the prior year. Fourth quarter net income growth slowed to 8.7 percent, increasing to $258.4 million from $241.8 million in last year's corresponding period. Fourth quarter revenue was $2.64 billion, an increase of 5.1 percent from $2.51 billion a year earlier.

Payroll revenue rose by 7 percent for both the last quarter and for the year. Fourth quarter revenue was $1.89 billion, rising from $1.77 billion while the total for the year was $7.57 billion, compared to just over $7 billion the prior year.

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