Paychex Q3 Net Income Rises; Updates FY24 Guidance

(RTTNews) - Paychex, Inc. (PAYX) reported that its third quarter net income increased to $498.6 million from $467.4 million, last year. Earnings per share was $1.38 compared to $1.29. Adjusted earnings per share increased to $1.38 from $1.29. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $1.37, for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased to $1.44 billion from $1.38 billion, last year. Management Solutions revenue increased 2% to $1.0 billion. Analysts on average had estimated $1.46 billion in revenue.

For fiscal 2024, the company now expects total revenue to grow in the range of 5% to 6%. Management Solutions revenue is now anticipated to grow in the range of 3.5% to 4.0%.

Shares of Paychex are down 6% in pre-market trade on Tuesday.

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