Paychex is reporting fiscal 2nd quarter numbers which saw the company earn $189 million in net income, a nine percent increase over a year ago. Per share earnings of $.52 beat Wall Street estimates by a penny.
Total revenues came in at just over $722 million, which was an increase of 7-percent over last year, slightly less than analysts' estimates.
CEO Martin Mucci says the quarter reflected continued growth across major product lines. He says there was strong growth for the company's human resource services. Paychex says that an increase in payroll service revenue was driven by a growth in the company's client base, and more revenue per paycheck.
The company also reiterated its full-year guidance. On Tuesday Paychex also announced that it has completed the acquisition of Advance Partners, which is an Ohio-based firm providing services to support independent staffing firms.
