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Automatic Data Processing Inc. (NASDAQ:ADP) reported its results for the second quarter. Net income for Automatic Data Processing Inc. rose to $375 million (76 cents per share) vs. $310.1 million (62 cents per share) in the same quarter a year earlier. This marks a rise of 20.9% from the year earlier quarter. Revenue rose 7.4% to $2.58 billion from the year earlier quarter. ADP reported adjusted net income of 68 cents per share. By that measure, the company fell in line with the mean estimate of 68 cents per share. Analysts were expecting revenue of $2.58 billion.
Commenting on the results, Mr. Rodriguez said, “ADP’s results were solid for the second quarter. I am particularly pleased with our sales execution that drove strong new business sales growth for Employer Services and PEO Services for the quarter. As anticipated, ADP’s year-over-year pretax margin comparison continued to be negatively impacted by the decline in high-margin client interest revenues resulting from lower interest rates, and the impact of recent acquisitions. New business sales for Dealer Services were also strong and better than anticipated during the quarter.
Competitors to Watch: Paychex, Inc. (NASDAQ:PAYX), CBIZ, Inc. (NYSE:CBZ), Equifax Inc. (NYSE:EFX), McMillan Shakespeare Ltd. (NYSE:MMS), Blue Tax Group SA (NYSE:BTG) and Colliers SA Holdings Ltd. (NYSE:COL).
LSI Corporation’s (NYSE:LSI) fourth quarter loss narrowed, beating estimates. Loss narrowed to $1.8 million (loss of 0 cents per diluted share) from $13.4 million (loss of 2 cents per share) in the same quarter a year earlier. Revenue rose 11.2% to $523.1 million from the year earlier quarter. LSI reported adjusted net income of 13 cents per share. By that measure, the company beat the mean estimate of 8 cents per share. Analysts were expecting revenue of $526.1 million.
“Our growth last year in a challenging macro environment and our guidance for the first quarter of 2012 demonstrate the results of our ongoing strategic focus on delivering semiconductors and software that accelerate storage and networking applications,” said Abhi Talwalkar, LSI president and CEO. “We enter 2012 building on strong business momentum and are accelerating our revenue growth with share gains and new design wins at key customers and in critical markets such as mega datacenters, cloud computing, mobile networks and flash storage.”
Competitors to Watch: Intel Corporation (NASDAQ:INTC), PMC-Sierra, Inc. (NASDAQ:PMCS), Texas Instruments Inc. (NYSE:TXN), Intl. Business Machines Corp. (NYSE:IBM), Silicon Laboratories (NASDAQ:SLAB), PLX Technology, Inc. (NASDAQ:PLXT), Oracle Corporation (NASDAQ:ORCL), Marvell Tech. Group Ltd. (NASDAQ:MRVL), Dell Inc. (NASDAQ:DELL), and Integrated Device Tech., Inc. (NASDAQ:IDTI).
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com
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