RTTNews | Apr 28, 2021 08:33AM EDT

08:32 Wednesday, April 28, 2021 (RTTNews.com) - While reporting weak third-quarter profit, Automatic Data Processing Inc. (ADP) raised its forecast for fiscal 2021 to reflect nine months of strong performance and signs of an economic recovery into year-end.

For the year, adjusted earnings per share is now expected to be flat to up 1 percent, compared to previous outlook between 2 percent drop and 2 percent increase from last year's $5.92.

Further, revenue is now expected to rise 2 percent to 3 percent, up from previous outlook of a growth of 1 percent to 3 percent.

Adjusted EBIT margin is now expected to decline 50 basis points to 75 basis points, while previous view was a decline of 50 basis points to 100 basis points.

Employer Services New Business Bookings for the year are now expected to be up 20 percent to 25 percent, up from earlier outlook of 15 percent to 25 percent.

In pre-market activity, ADP shares were losing around 3.1 percent to trade at $189.81.

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