ROSELAND (dpa-AFX) - 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.
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