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Automatic Data Processing has increased its forecast for revenue growth for its year based on strong improvement in important metrics for its third quarter ended March 31. The company increased its forecast to 9-percent-to-10-percent growth from the prior estimate of a 7-percent-to-8-percent increase for the year ending June 30.
CEO Gary Butler cited a sharp improvement in client retention levels as one of the key factors in adjusting the outlook. "The quarter's increase of almost 200 basis points puts us on track this fiscal year to actually exceed the record retention levels that we achieved in fiscal 2008," he said in this week's earnings webcast.
ADP registered a 5-percent increase in net income on 7 percent rise in revenue. Net income was $423.8 million for the most recently ended period, up from $403.6 million. Third-quarter revenue reached $2.74 billion, compared to $2.44 billion in last year's corresponding period. The company noted the increases stemmed from better-than-anticipated wage growth, higher net pay and pays per control.
Excluding acquisitions, revenue from employer services, the payroll side of ADP's business, is expected to rise 5 percent to 6 percent, an increase of the prior forecast of roughly 5-percent growth. Including acquisitions, growth is expected to hit about 7 percent.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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