July 26 (Reuters) - Payroll processor Automatic Data Processing (ADP.O) forecast annual revenue above market estimates on Wednesday, helped by strong demand for company services and new contract wins.
The company expects its revenue to grow between 6% and 7% in fiscal 2024, compared with analysts' expectations of a 5.8% increase, according to Refinitiv data.
"New business bookings were incredibly strong and employer services retention returned to a record level, underscoring our strong market position," said Chief Executive Maria Black.
The company's full-year adjusted earnings per share growth forecast of 10% to 12% was also above analysts' estimates of a 9% rise.
On an adjusted basis, the company earned $1.89 per share, compared with estimates of a profit of $1.83 per share.
Persons:
Maria Black, Zaheer Kachwala, Shilpi Majumdar, Shailesh
Organizations:
ADP, Thomson