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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Automatic Data Processing Inc | NASDAQ:ADP | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.96 | 0.39% | 246.46 | 246.46 | 246.62 | 248.25 | 245.995 | 246.46 | 1,053,632 | 22:58:39 |
Automatic Data Processing Inc. on Wednesday edged down its guidance for its fiscal year as it faces more pressure from foreign exchange, though the payrolls company reported higher profit and revenue for its latest quarter.
For the fiscal year ending in June, ADP said it now expects per-share earnings growth of 11% to 13%, compared with its earlier forecast for 12% to 14% growth. ADP cited additional selling expenses tied to its raised forecast for 12% growth in world-wide bookings, up from its prior guidance for 10% growth in the key metric, and more pressure from currency impacts.
The company said it expects revenue growth of 7%, at the low end of its guidance, due to a bigger hit from foreign exchange.
For the fiscal second quarter ended Dec. 31, the company reported a profit of $341.4 million, or 74 cents a share, up from $331.5 million, or 69 cents a share, a year earlier. Excluding one-time items and discontinued operations, earnings rose to 72 cents a share from 69 cents a share.
Analysts polled by Thomson Reuters had forecast earnings of 72 cents a share.
Total revenue rose 5.8% to $2.81 billion, matching analysts' expectations. Revenue was up 8% excluding currency impacts.
World-wide new-business bookings, a key metric, grew 15%.
Revenue at the employer-services segment, the company's biggest top-line contributor, rose 3.3% to $2.21 billion on a continuing operations basis. The number of employees on its clients' payrolls rose 2.5% in the U.S. on a comparable basis.
Revenue from professional-employer-organizations services unit, which outsources administration services, jumped 18% to $737.4 million.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
(END) Dow Jones Newswires
February 03, 2016 08:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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