ADP Increases FY22 Guidance

(RTTNews) - Automatic Data Processing, Inc. (ADP) said the company has increased its fiscal 2022 guidance as strong momentum continues across the business. Adjusted earnings per share growth is now projected in a range of 12 to 14%, revised from prior guidance range of 11 to 13%. Revenues are now estimated to increase in the range of 8 to 9%, revised from previous guidance range of 7 to 8%.

Second quarter adjusted earnings per share increased 9% to $1.65. Analysts on average had expected the company to earn $1.63 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Earnings were $694.4 million, or $1.65 per share compared to $647.5 million, or $1.51 per share, a year ago.

The company's revenue for the quarter rose 8.9% to $4.03 billion from $3.70 billion last year. Analysts on average had estimated $3.98 billion in revenue.