Automatic Data Processing Slashes FY20 Outlook Amid COVID-19 - Quick Facts

(RTTNews) - While reporting financial results for the third quarter on Wednesday, technology company Automatic Data Processing Inc. (ADP) slashed its adjusted earnings and revenue growth guidance for the full-year 2020, in light of the expected impact from COVID-19 outbreak.

For fiscal 2020, ADP now projects earnings per share growth in a range of 6 to 9 percent and adjusted earnings per share growth in a range of 4 to 7 percent on revenue growth of about 3 percent.

Previously, the company expected earnings per share to grow in a range of 14 to 16 percent and adjusted earnings per share to grow in a range of 12 to 14 percent on revenue growth of about 6 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.83 per share on revenue growth of 2.9 percent to $14.58 billion for the year. Analysts' estimates typically exclude special items.