By Dean Seal

Payroll-services company Automatic Data Processing logged higher earnings and revenue in its fiscal first quarter as it continued to book new business and earn stronger yields on client funds.

The Roseland, N.J.-based company posted a profit of $859.4 million, or $2.08 a share, compared with $779 million, or $1.87 a share, in the same quarter a year ago.

Adjusted earnings, which strip out one-time items, were also $2.08 for the quarter. Analysts polled by FactSet had been expecting $2.02 a share.

Revenue rose 7% to $4.51 billion, just below analyst projections for $4.52 billion, according to FactSet.

The top line growth was driven by an increase in new business bookings, strong client revenue retention and higher client funds interest revenue, according to Chief Financial Officer Don McGuire. He said the quarter's revenue growth and margin performance exceeded company expectations.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 25, 2023 07:35 ET (11:35 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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