Automatic Data Processing, Inc. (NASDAQ: ADP) earned $0.80 per share in the three months that ended on 31 March 2009.
The spreadsheet below compares the actual results to our Income Statement model of ADP. Please note that our arrangement of data may differ in material respects from the company's presentation.
Although up only $0.01 per share, the quarter was much more profitable than we expected. We didn't anticipate the 11 percent cut in Sales, General and Administrative costs, from $585 million to $520 million.
We will post a thorough evaluation soon.
http://sheet.zoho.com/public/ncarvin/adp-income-statement-2009q1?mode=html
Full disclosure: Long ADP at time of writing.
05 May 2009
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