UPDATE 4-ADP profit beats estimates as costs decline
* Q1 EPS $0.56; Street view $0.50
* Revenue down 4 pct, expenses decline 5 pct
* Raises FY 2010 revenue forecast
* Shares up 1 percent (Adds CFO and analyst comments, updates stock price)
By Juan Lagorio
NEW YORK, Nov 4 (Reuters) - Automatic Data Processing Inc (ADP.O: Quote, Profile, Research) posted higher-than-expected quarterly earnings on Wednesday as the world's largest payroll processing company cut costs to offset lower sales.
ADP also raised its fiscal 2010 revenue forecast, and its shares climbed 1 percent to $41.06.
Net income from continuing operations climbed to $284 million, or 56 cents a share, in the fiscal first quarter, ended Sept. 30, from $278 million, or 54 cents a share, a year earlier.
Earnings beat analysts' average forecast of 50 cents per share, according to Thomson Reuters I/B/E/S. Continued...
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