ADP beats estimates as strong job market aids demand for payroll services
May 1 (Reuters) -Payroll processor Automatic Data Processing ADP.O beat estimates for third-quarter revenue and profit on Wednesday, driven by steady demand for its payroll software and new bookings.
U.S. job growth accelerated from January through March, and the resilient demand has encouraged businesses to hire and retain employees, resulting in customers spending on payroll software including employee management services offered by companies like ADP.
"Healthy new business bookings and client retention contributed to our strong results," said CEO Maria Black.
The company's revenue stood at $5.25 billion for the quarter ended March 31, compared with analysts' estimates of $5.23 billion, according to LSEG data.
Its adjusted earnings of $2.88 per share, came ahead of estimates of $2.79 per share.
Revenue at company's employer services segment, which handles human resources outsourcing and employee management solutions, rose 8% to $3.59 billion from a year earlier.
The company maintained its full-year 2024 revenue and profit forecast.
Reporting by Priyanka.G in Bengaluru; Editing by Shailesh Kuber
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