Paychex Adjusts Full Year Guidance Upward

(RTTNews) - Paychex, Inc. (PAYX) said, for fiscal 2022, the company now expects: adjusted earnings per share to grow in the range of 22.5% to 23%. Total revenue is now anticipated to grow in the range of 12% to 13%. Management Solutions revenue is now projected to grow in the range of 12% to 13%. In December, the company projected: adjusted earnings per share growth in the range of 18% to 20%; and total revenue increase in the range of 10% to 11%.

Paychex Inc. reported third quarter adjusted earnings per share of $1.15 compared to $0.96, prior year. Analysts on average had expected the company to earn $1.05 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net income was $430.7 million, or $1.19 per share compared to $350.5 million, or $0.97 per share, a year ago. Revenue rose 15.3% to $1.28 billion from $1.11 billion last year. Management Solutions revenue was $959.9 million, an increase of 13%.

Shares of Paychex were up 2% in pre-market trade on Wednesday.