The culprit is called the Snowbush caterpillar or Snowbush spanworm. It is the larval or caterpillar form of a black and white moth that flies during the day. In most cases the new growth is eaten, and the plant will re-sprout shortly. In south Florida, however; infestations have been so heavy that three-foot Snowbushes were killed from the caterpillars feeding on the bark and branches.

Control by spraying with a product containing Bacillus thuringiensis.(B.t.) such as Thuricide or Dipel. 
 
Additional Resource 

http://collier.ifas.ufl.edu/CommHort/CommHortPubs/Snowbush%20Caterpillar.pdf