ADP Raises FY19 Outlook, Q1 Profit Rises - Quick Facts

(RTTNews) - While reporting its first-quarter 2019 financial results, Automatic Data Processing Inc. (ADP) on Wednesday raised its fiscal 2019 earnings and revenue growth outlook range.

For fiscal 2019, ADP expects full year adjusted earnings per share to be up 15 to 17 percent, compared to the prior forecast range of up 13 percent to 15 percent.

ADP also raised its full-year revenue growth outlook to a range of 6 to 7 percent from the previous growth forecast range of 5 to 7 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.18 per share on revenue growth of 6.3 percent to $14.16 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, net income increases to $505.4 million or $1.15 per share from $412.6 million or $0.93 per share in the prior-year quarter. Adjusted earnings were $1.20 per share, compared to last year's $0.94 per share. Total revenues increased 8 percent to $3.32 billion from last year's $3.08 billion.

Analysts expected quarterly earnings of $1.11 per share on sales of $3.29 billion.