Automatic Data Processing Inc. on Wednesday reported profit for the fiscal second quarter that was above Wall Street expectations, while falling just short on revenue. Net income for the quarter came in at $510.9 million, or $1.13 per share, compared to $341.4 million, or 75 cents per share during the same quarter a year ago. Adjusted earnings per share were 87 cents, above the FactSet consensus of 81 cents. ADP revenue hit $2.99 billion during the quarter, up from $2.81 billion, but just short of FactSet's $3.02 billion. The company cut its new business outlook for 2017 to about flat, from 4% to 6% growth and ADP also cut revenue growth guidance to 6% from previous growth outlook of 7% to 8%. Shares of ADP have gained nearly 22% in the trailing 12-month period, while the S&P 500 Index is up 17%.
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