CORRECTED-UPDATE 2-ADP boosts forecast as new tax law spurs demand [Reuters]
Automatic Data Processing, Inc. (ADP)
Last automatic data processing, inc. earnings: 4/29 06:56 am
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Source: Reuters
ADP boosts forecast as new tax law spurs demand | Reuters 3 Min Read (Reuters) - Automatic Data Processing Inc ( ADP.O ) raised its full-year profit and revenue forecasts on Wednesday, as corporate tax reform and buoyant U.S. economic growth favor the payroll and tax services provider. Shares in the firm, which in November defeated a proxy challenge from activist investor William Ackman, hit a record high after the announcement. They cooled slightly before the close, ending 2.3 percent higher. U.S. companies are reassessing their tax accounting after President Donald Trump enacted sweeping changes to the tax code, benefiting tax services providers like ADP. The company will also gain from a lower tax bill. The Roseland, New Jersey-based company said it expects revenue growth of 7 percent to 8 percent in fiscal 2018, compared with its earlier forecast of 6 percent to 8 percent. Adjusted profit growth would now likely come in at 12 percent to 13 percent for 2018, up from its prior for
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ADP
Earnings
- 2/1/24 - Beat
ADP
Sec Filings
- 3/5/24 - Form 4
- 3/5/24 - Form 4
- 3/4/24 - Form 144
- ADP's page on the SEC website