Baird Downgrades ADP (ADP) to Neutral
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ADP Reports Fourth Quarter and Fiscal 2016 Results; Provides Fiscal 2017 Outlook
July 28, 2016 7:02 AM EDTWorldwide new business bookings grew 6% for the quarter, 12% for the yearRevenues increased 7% to $11.7 billion for the year, or 8% on a constant dollar basisDiluted earnings per share from continuing operations increased 12% to $3.25 for the year, adjusted diluted earnings per share increased 13% to $3.26 for the year, 14% on a constant dollar basisFor fiscal 2017, forecasting revenue growth of 7% to 9%, adjusted diluted earnings per share growth of 10% to 12%, with little impact expected from foreign currency translationAnnouncing a service alignment initiative that is intended to align ADPs client service operations with its platform simplification strategy... More
