Automatic Data Processing (NASDAQ:ADP) announced excellent second-quarter fiscal 2024 results, demonstrating the success of its strategic technology investments.
Revenues grew 6% to $4.7 billion, matched by 6% organic constant currency growth. Net earnings and adjusted net earnings also rose 8% each to $878 million and $881 million.
Adjusted EBIT increased 7% to $1.1 billion, leading to an improved adjusted EBIT margin of 24.6% (20 basis point increase). Diluted EPS and adjusted diluted EPS were up 9% to $2.13.
ADP President and CEO Maria Black and CFO Don McGuire attributed this sustained momentum to a focus on world-class products, exceptional service, and strong client partnerships.
With robust bookings, retention, and outlook, ADP is raising its fiscal 2024 guidance. The company now expects revenue growth of 6% to 7% and 10% to 12% growth in diluted EPS and adjusted diluted EPS.