Paychex is reporting its fiscal first quarter results, and those numbers topped Wall Street expectations. The company earned about $171 million in the quarter, 47-cents a share. Those earnings per share were a penny above Wall St. estimates. Net profits were up five percent over last year at this time.
Total revenue of nearly 667 million also beat analysts' estimates. Revenue was up nine percent from a year ago.
CEO Marty Mucci says that the company continued to see strong demand for its human resource outsourcing services. He also says that sales were driven in part by growth in their client base and the number of checks per payroll.
Paychex officials have said in recent months that they have seen modest growth in small and medium sized businesses across the U.S.
