Automatic Data Processing beat Wall Street expectations for third-quarter revenue on Wednesday, benefiting from strong demand for its payroll and human capital management services as businesses maintain spending amid a steady labor market.

As one of the largest human capital management companies in the world, ADP is benefiting from strong demand for its services, even as the industry undergoes consolidation to grab a larger share of the market.

ADP last year also acquired management services provider WorkForce Software to boost its heft in the market.

A resilient labor market also indicates that business activity is holding steady despite the economic volatility brought on by U.S. President Donald Trump’s trade policy.

The company also announced that its treasurer, Peter Hadley, will assume the role of chief financial officer, effective July 1. He will succeed Don McGuire, who has held the position since 2021.

ADP reported revenue of $5.55 billion in the third quarter, beating analysts’ estimate of $5.49 billion, according to data compiled by LSEG.

Revenue for its Employer Services segment came in at $3.77 billion, a growth of 5%.

It reported earnings per share of $3.06 in the quarter ended March 31, compared with a profit of $2.88 per share, a year ago.

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Source: https://finance.yahoo.com/news/nyc-lost-9-billion-income-123511851.html