By Rob Curran
Automatic Data Processing (ADP), a leading payroll-services company, has expressed confidence in the U.S. jobs market by forecasting strong earnings and revenue growth for its fiscal year ending in June 2024.
ADP is targeting a growth in earnings per share (EPS) between 10% and 12% for fiscal 2024. Based on their net income of $8.21 per share for the previous year, this translates to earnings between $9.03 and $9.20 per share.
On an adjusted basis, ADP also expects earnings growth between 10% and 12% from the fiscal 2023 level of $8.23 per share.
ADP forecasts an annual revenue growth range of 6% to 7%, from $18 billion for the year ended June 30, resulting in revenue between $19.08 billion and $19.26 billion.
Within the company, the employer services unit is expected to experience revenue growth between 7% and 8%, while the PEO Services unit anticipates revenue growth between 3% and 5%.
ADP projects growth in adjusted earnings before interest and taxes margins, with an estimated range of 60 to 80 basis points.
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