Automatic Data Processing, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2017. For the quarter, the company reported total revenues of $3,235.4 million compared to $2,987.3 million for the same period a year ago. Earnings before income taxes were $565.7 million compared to $786.2 million a year ago. Net earnings were $467.5 million compared to $510.9 million a year ago. Diluted earnings per share were $1.05 compared to $1.13 a year ago. Adjusted EBIT was $602.5 million compared to $592.5 million a year ago. Adjusted net earnings were $440.4 million compared to $390.3 million a year ago. Adjusted Diluted EPS was $0.99 compared to $0.87 a year ago.

For the six months, the company reported total revenues of $6,314.2 million compared to $5,904.2 million for the same period a year ago. Earnings before income taxes were $1,113.9 million compared to $1,314.8 million a year ago. Net earnings were $869.0 million compared to $879.6 million a year ago. Diluted earnings per share were $1.96 compared to $1.94 a year ago. Net cash flows provided by operating activities was $675.1 million compared to $841.1 million a year ago. Capital expenditures were $118.3 million compared to $119.7 million a year ago. Additions to intangibles were $132.4 million compared to $106.6 million a year ago. Adjusted EBIT was $1,166.5 million compared to $1,171.2 million a year ago. Adjusted net earnings were $846.3 million compared to $783.8 million a year ago. Adjusted Diluted EPS was $1.90 compared to $1.73 a year ago.

The company provided earnings guidance for the full year of 2018. For the period, the company expects full year diluted earnings per share to be up 8% to 9%, compared to the prior forecast of down 1% to up 1% and adjusted diluted earnings per share growth to be 12% to 13% compared to the prior forecast of 5% to 7% growth.  Adjusted earnings per share forecast reflects the ongoing estimated benefits from the enactment of the Tax Cuts and Jobs Act, and the company forecasts an adjusted effective tax rate for fiscal 2018 of 26.9% compared to the prior forecast of 31.7%. ADP now anticipates full-year fiscal 2018 revenue growth of 7% to 8% compared to the prior forecast of 6% to 8%. This revenue forecast continues to include approximately one percentage point of growth from acquisitions and the impact from foreign currency. This revenue forecast continues to assume growth in worldwide new business bookings of 5% to 7% compared to the $1.65 billion sold in fiscal 2017. Adjusting for additional anticipated PEO pass-through pressure, ADP now assumes adjusted EBIT margin will decline approximately 50 basis points for the full year compared to the prior forecast of down 25 to 50 basis points.