Automatic Data Processing (ADP) Message Board

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Non-Tech : Automatic Data Processing (ADP)

ADP 260.30

-0.5%

Oct 31 9:30 AM EST

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To: Jim Oravetz who wrote (30)	1/23/2004 8:35:52 AM
From: Jim Oravetz	of 70

Automatic Data Processing ADP quote.morningstar.com reported second- quarter results Thursday that met our expectations; we do not plan to make significant changes to our model or fair value estimate. As we anticipated, low interest rates and ADP's previously announced incremental spending continued to depress the operating margin, which fell 180 basis points from the year-ago quarter. Overall sales growth was strong at 8.6%, nearly twice the rate of the first quarter. ADP's weakest segment in the first quarter--brokerage services--was its most impressive in the second quarter. The unit, which had been regularly depressing ADP's results, showed nice sales growth (about 7%) and a stabilizing operating margin. Todd Lukasik

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