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Professional employer organization revenue at Automatic Data Processing Inc. (NASD: ADP) rose 14 percent to $527.8 million in the company’s fiscal second quarter ended Dec. 31 compared to the same quarter year prior.
Average worksite employees paid by PEO services rose 12 percent in the quarter to approximately 309,000.
ADP increased its fiscal 2014 forecast for PEO services revenue growth to 12 to 13 percent, up from its prior forecast of 10 to 12 percent revenue growth.
PEO services represents just one of Roseland, N.J.-based ADP’s business lines, which include non-staffing operations. Total second-quarter revenue at the firm rose 8.6 percent to $2.98 billion. Second-quarter net income fell 3.6 percent to $377.0 million.
Shares in ADP were down 1.91 percent in early afternoon trading; the company has a market cap of approximately $35.39 billion, according to Yahoo!