By Nishant Mohan

Automatic Data Processing Inc. (ADP) reported a 59% drop in its fourth-quarter earnings following a large charge related to its voluntary early retirement program and other initatives.

The human resources company reported net income of $108.7 million, or 25 cents a share, in the quarter, compared to $265.8 million, or 60 cents a share a year earlier.

On an adjusted basis, ADP reported per-share earnings of 92 cents compared with 66 cents a year ago and a beating the 90 cents estimated by analysts polled by FactSet.

Revenue rose 8% to $3.32 billion in the quarter.

For fiscal 2019, the company said it expects earnings per share to increase between 19% and 21% from the $4.28 a share it earned in fiscal 2018. It expects adjusted earnings per share to rise 13% to 15% from $4.53 a share.

ADP also said Wednesday morning it had acquired Celegro LLC, a payroll management company that it said would enhance its multi-country payroll capabilities.

Write to Nishant Mohan at nishant.mohan@wsj.com

(END) Dow Jones Newswires

August 01, 2018 08:31 ET (12:31 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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