Automatic Data Processing Raises FY21 Outlook
ROSELAND (dpa-AFX) - While reporting weak third-quarter profit, Automatic Data Processing Inc. (ADP) raised its forecast for fiscal 2021 to reflect nine months of strong performance and signs of an economic recovery into year-end.
For the year, adjusted earnings per share is now expected to be flat to up 1 percent, compared to previous outlook between 2 percent drop and 2 percent increase from last year's $5.92.
Further, revenue is now expected to rise 2 percent to 3 percent, up from previous outlook of a growth of 1 percent to 3 percent.
Adjusted EBIT margin is now expected to decline 50 basis points to 75 basis points, while previous view was a decline of 50 basis points to 100 basis points.