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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
  0.80 0.38% 209.63 209.63 215.11 210.315 208.41 208.41 1,533,800 01:00:00

ADP Raises Low End of Revenue Guidance; Narrows Adjusted EPS Guidance

28/04/2021 12:58pm

Dow Jones News


Automatic Data Processing (NASDAQ:ADP)
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By Allison Prang

 

Automatic Data Processing Inc. raised the lower end of its fiscal year revenue guidance and narrowed its guidance for adjusted earnings.

For the fiscal year, the company now expects revenue to rise between 2% and 3%. It was expecting revenue to rise between 1% and 3%.

ADP said it expects employer services revenue to fall about 1% and for professional employer organization services revenue to rise between 5% and 6%. It had been expecting employer services revenue to be between flat and up 2% and for PEO services revenue to be up between 3% and 5%.

The company is guiding for adjusted earnings to be between flat to up 1% from $5.92 in fiscal 2020. It was earlier expecting those to be between down 2% and up 2%.

For its adjusted earnings before interest and taxes margin, ADP is expecting it to be between negative 75 basis points to negative 50 basis points. It was expecting it to be between negative 100 basis points to negative 50 basis points.

The company backed its outlook for a 23% adjusted effective tax rate.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

April 28, 2021 07:43 ET (11:43 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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