RTRS: ADP posts nearly flat earnings on lower revenue
Automatic Data Processing Inc (ADP.O), the world's largest payroll processing company, posted flat quarterly earnings on Tuesday, hurt by a deep recession and a stronger dollar that penalized revenue overseas.
Income from continuing operations inched down to $402.5 million in the third quarter ended March 31 from $403.6 million a year earlier. Earnings per share rose to 80 cents from 78 cents on fewer shares outstanding.
Revenue for Roseland, New Jersey-based ADP fell 2 percent to $2.37 billion.
ADP shares ended down 1.86 percent at $34.86 on Monday on the Nasdaq; there was no Tuesday premarket activity. The stock is down 11 percent in 2009.
