From “NASDAQ”:

Ceridian HCM is expanding its footprint in the retail sector with new product innovations in its Dayforce platform. The platform offers workforce management and global payroll capabilities on a single platform. Major brands like American Dream and Costa Coffee are already benefiting from Ceridian’s solutions. It’s latest features include machine learning-powered forecasting and shift marketplace for workforce flexibility.

CDAY witnessed a 35% year-over-year growth in Dayforce recurring revenues in the third quarter of 2023. The increase is attributed to continuous adoption of new clients and emphasis on innovation. Ceridian partners with Microsoft to launch Dayforce Co-Pilot, a generative AI assistant. Swissport also selected Ceridian’s Dayforce platform to enhance payroll, human capital management, and workforce engagement.

For the fourth quarter of 2023, Ceridian expects revenues to be between $398 million and $401 million. Dayforce recurring revenues, excluding float, are projected in the range of $255-$257 million. For 2023, revenues are expected to be between $1.512 billion and $1.515 billion.

Ceridian HCM sports a Zacks Rank #1 and shares have declined 1.6% in the past six months. The stock is ahead of other top-ranked stocks like DoorDash (DASH) and Camtek (CAMT), each of which is also sporting a Zacks Rank #1.

Ceridian’s expanding portfolio and strong Dayforce platform are expected to lead to top-line growth. The commitment to Ceridian’s innovative portfolio is helping it win customers like Microsoft and Swissport. For the fourth quarter, management expects revenues to increase by 18-19%. For 2023, the company expects a jump of 21-23% in revenues. Currently, Ceridian HCM sports a Zacks Rank #1. Other top-ranked stocks in the broader technology sector are DoorDash and Camtek. Both have returned high percentages in the last six months.



Read more: Ceridian (CDAY) Boosts Retail Sector With Dayforce Innovation