Paychex Beats Wall Street Estimates
Paychex is reporting quarterly numbers that exceeded Wall Street's expectations. For its first fiscal quarter, the company earned just over $209 million, an increase of 22 percent over the same time last year.
Earnings per share were .58 cents compared to the analysts' average estimate of 51-cents. Those earnings were helped by a tax benefit which accounted for an increase of .06 cents per share. Excluding that benefit, profits would have increased 11 percent for the quarter.
Overall revenues totaled $723 million, an increase of 8 percent from last year, which was a little higher than expected.
CEO Marty Mucci says Paychex continues to see strong demand for its human resource services and he says the company is seeing positive results across its major product lines.