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Paychex 3Q revenue beat estimates

Rochester Business Journal
March 26, 2014

Paychex Inc. beat analyst estimates for revenue and earnings in its 2014 fiscal third quarter, the company reported Wednesday.

The Penfield-based payroll and human resources services company reported earnings of $160.1 million, or 44 cents a share. Paychex also reported total revenue of $636.5 million, up from $593.3 million in the same quarter last year.

Analysts had predicted earnings of 42 cents a share and revenue of $629 million.

Martin Mucci, Paychex president and CEO, noted growth across the board for the company.

"Payroll service revenue growth continued to advance, led by core payroll results, while human resource service revenue benefited from demand for our human resource outsourcing solutions," he said. "We continued to experience good new business revenue growth, particularly in core payroll and Paychex HR Solutions. Product investment in our software-as-a-service solutions and mobility applications continued with new product releases that position us for long-term growth, while we maintained strong operating margins.”

 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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