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Dayforce raises 2024 revenue forecast on strong payroll demand
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Dayforce raises 2024 revenue forecast on strong payroll demand
May 1, 2024 5:29 AM

May 1 (Reuters) - Dayforce ( DAY ), formerly Ceridian

HCM Holding, raised its full-year revenue forecast on Wednesday,

helped by strong demand for its payroll services amid a

resilient labor market.

A rise in U.S. jobs is driving demand for the company's

human resource and payroll services, while Dayforce's ( DAY ) investment

in artificial intelligence and recent acquisition of Eloomi have

helped it combat stiff competition.

U.S. jobs growth for the month of March blew past

expectations as the labor market benefited from a steady rise in

immigration over the past year.

Dayforce ( DAY ), which counts Spirit Aerosystems ( SPR ) and

Gannett ( GCI ) among its customers, now expects full-year

revenue in the range of $1.73 billion to $1.74 billion, up from

its prior forecast of $1.72 billion to $1.73 billion.

Its second-quarter revenue forecast of $414 million to $419

million was, however, largely in line with analysts' estimates,

according to LSEG data.

The company reported first-quarter revenue of $431.5

million, above the average analyst estimate of $426.1 million.

It posted earnings per share of 4 cents, compared with 6

cents per share a year earlier.

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