ROSELAND, N.J. (AP) — Automatic Data Processing Inc., the world's biggest payroll processor, said Wednesday its fiscal fourth-quarter net income rose 7 percent as it benefited from some new hiring in a slowly improving economy.
The earnings met Wall Street's expectations but it forecast results for the current fiscal year that are below analyst estimates. The company said low interest rates and the tepid job-market recovery will limit profits.
Net income for the April-through-June period was $258.4 million, or 53 cents per share, up from $241.8 million, or 48 cents per share, in the second quarter of 2011.
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