Very strong cash flow and balance sheet; Consistent revenue and earnings growth; Market leadership in all businesses; and Low technology and economic cycle risks. Risks of integrating acquired operations. The ratings on Roseland, N.J.-based Automatic Data Processing Inc. (ADP) reflect its very strong cash flows and balance sheet, consistent revenue and earnings growth, strong market position, and low technology and economic cycle risks. The company's potential challenges in integrating acquisitions in a highly competitive market offset those strengths. ADP is the dominant independent provider of payroll services, and holds the auto-dealer services leadership position in the U.S. Revenues for the fiscal year ended June 2011 were $9.9 billion, up 11%--6% organic--year on year, and the company expects them to grow...
Companies mentioned in this report are: Automatic Data Processing Inc.
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