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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
  1.10 0.75% 148.10 147.83 149.03 148.22 146.27 147.00 1,291,855 23:05:46

Automatic Data Processing Lowers Revenue, Adjusted Earnings Outlook for Fiscal Year

29/04/2020 1:02pm

Dow Jones News


Automatic Data Processing (NASDAQ:ADP)
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By Allison Prang

 

Automatic Data Processing Inc. lowered its expectations for revenue and adjusted earnings for this fiscal year.

The company said it expects revenue to increase 3% and for adjusted earnings to rise between 4% and 7%, a downgrade from the company's previous guidance in January for a revenue increase of 6% and a rise in adjusted earnings of between 12% and 14%.

ADP added that it is expecting its adjusted earnings before interest and taxes margin to be between down 25 basis points and up 25 basis points. The company was previously expecting this to rise between 100 basis points and 125 basis points. The company also lowered its guidance for its adjusted effective tax rate to 22.9%, down from 23.2%.

ADP lowered its expectations for revenue growth in its employer services and PEO services segments. It added that it expects average client funds balances to rise 1%, having previously guided for them to rise 4%.

 

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

 

(END) Dow Jones Newswires

April 29, 2020 07:47 ET (11:47 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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