Automatic Data Processing (ADP) raised its annual revenue forecast on Wednesday after posting better-than-expected second-quarter financial results, supported by continued demand for its payroll and human resources services.
The company reported second-quarter revenue of US$5.36 billion, slightly beating analysts’ estimates, while adjusted earnings per share also topped market expectations.
ADP, one of the world’s largest providers of human resources management services, offers a range of services including administrative support and employee benefits management to its global clients.
Following the performance, ADP revised up its annual revenue growth forecast to around 6%, compared to a previous forecast range of 5% to 6%.
The “pay-per-control” metric in the United States rose 1% year-over-year, reflecting modest job growth as the labor market remained stable with low layoffs but slowing hiring.
