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

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

For fiscal 2020, ADP now projects earnings per share to decline in a range of 12 to 17 percent and adjusted earnings per share to decline in a range of 13 to 18 percent on a revenue decline of 1 to 4 percent.

Previously, the company expected earnings per share to grow in a range of 6 to 9 percent and adjusted earnings per share to grow in a range of 4 to 7 percent on revenue growth of about 3 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $5.74 per share on revenue growth of 2.4 percent to $14.51 billion for the year. Analysts' estimates typically exclude special items.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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