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ADP reports PEO revenue up 15%

May 01 2014

Professional employer organization revenue at Automatic Data Processing Inc. (NASD: ADP) rose 15.2 percent to $647.4 million in the company’s fiscal third quarter ended March 31 compared to the same quarter in the previous year.

Average worksite employees paid by PEO services rose 18 percent in the quarter to approximately 328,000.

ADP increased its fiscal 2014 forecast for PEO services revenue growth to about 14 percent, up from its prior forecast of 12 to 13 percent revenue growth.

PEO services represents just one of Roseland, N.J.-based ADP’s business lines, which include non-staffing operations (it recently announced a spin-off of its dealer services unit). Total third-quarter revenue at the firm rose 6.8 percent to $3.32 billion. Third-quarter net income rose 8.1 percent to $521.6 million.


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