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Paychex sees boost in Q2 revenues, profit

Rochester Business Journal
December 18, 2013

Paychex Inc. reported a 7 percent jump in profit for its fiscal second quarter.

The Penfield-based payroll and human resources services company saw its net income increase to $158.7 million, or 43 cents a share, from 41 cents a share a year ago.

Total revenue reached $610.5 million for the quarter ended Nov. 30, beating analysts’ estimates and increasing 7 percent from last year. Analysts had predicted revenue of $598.9 million in the second quarter and earnings of 42 cents. Paychex reported earnings after markets closed Wednesday.

Paychex President and CEO Martin Mucci noted continued growth for the company.

“We are pleased with our progress in the second quarter of fiscal 2014," Mucci said. "The rate of growth in our payroll service revenue accelerated to 5 percent and human resources services revenue growth continued to advance at a double-digit rate.

“Sales execution remained strong, particularly in core payroll and in human resources services,” he said. “We continue to deliver client satisfaction and client retention at record levels."

Paychex will host a conference call on Thursday at 10:30 a.m. to review results for the fiscal second quarter. Mucci will participate in the call along with Efrain Rivera, the company’s senior vice president, chief financial officer and treasurer. The call will also be broadcast live on the internet and available at http://investor.paychex.com/webcasts.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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