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Paychex tops Wall Street estimates in latest earnings report

Paychex, the Rochester based provider of payroll other services is reporting  its third quarter results, numbers that the CEO, Marty Mucci says added up to a solid quarter.

After certain one-time factors are taken out of the mix, the company topped Wall Street estimates for profits and sales.

Paychex saw net profits, on an adjusted basis, increase three percent to around $322 million. Sales rose 14-percent to $1.1 billion.

Mucci says the various kinds of human resources products that Paychex provides is what is really driving their growth. He says small businesses are increasingly taking advantage of those kinds of services.

“HR outsourcing  has really come down far in need, it used to be 25 or 30 employees, now it’s as low as 10 or even less because of the high level of regulations and difficulty in how to hire and retain and train and deal with all of the regulations,” Mucci told WXXI News.

Mucci says that Paychex also benefitted from the recent acquisition of a Florida-based outsourcing company. Paychex purchased a company called Oasis late last year.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.