ADP Touts 'Incredibly' Strong Business Bookings, Sets Optimistic Outlook for 2024
Portfolio Pulse from Anusuya Lahiri
Automatic Data Processing, Inc (ADP) reported Q4 2023 revenue growth of 8% YoY to $4.48 billion, beating the consensus of $4.39 billion. Employer services revenue rose 11% YoY to $3.02 billion, and PEO services revenue grew 4% YoY to $1.46 billion. Non-GAAP EPS of $1.89 beat the consensus of $1.83. ADP expects 2024 revenue of $19.09 billion - $19.27 billion, up by 6% - 7% YoY, and an adjusted EPS of $9.05 - $9.22, up by 10% - 12%.
July 26, 2023 | 1:15 pm
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ADP reported strong Q4 2023 results, beating consensus on both revenue and EPS. The company also provided an optimistic outlook for 2024.
ADP's strong Q4 2023 results and optimistic 2024 outlook are likely to have a positive impact on its stock price in the short term. The company's revenue and EPS beat consensus, indicating strong performance. Additionally, the optimistic 2024 outlook suggests that the company expects continued growth, which could further boost investor confidence.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100