(WXXI News & AP) Paychex is reporting fiscal third-quarter net income of about $169 million, up six percent compared to this time last year. Earnings per share of 46 cents met analysts’ expectations.
Total revenues of $704 million were up eight percent over last year. That topped Wall Street’s expectations.
CEO Marty Mucci says the company continued to make good progress against its initiatives during the third quarter. He says the company is seeing gains in the number of workers served through its human resource services.
Paychex also saw the number of workers it provides payroll services for, grow in the quarter. The company also saw revenue for its insurance services benefit from the ramping up of services it provides to help clients with health care reform.
Paychex shares have increased 11 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 2 percent. The stock has climbed 21 percent in the last 12 months.
