Paychex Updates FY24 Business Outlook

(RTTNews) - Paychex, Inc. (PAYX) said the company now expects fiscal 2014 adjusted earnings per share growth in a range of 9% to 11%. Previously, the company projected adjusted earnings per share growth in the range of 9% to 10%. Interest on funds held for clients is now anticipated to be in the range of $140 million to $150 million. The company noted that the other aspects of guidance for fiscal 2024 remain unchanged.

First quarter earnings came in at $419.2 million, or $1.16 per share compared with $379.2 million, or $1.05 per share, in last year's first quarter. Excluding items, Paychex reported adjusted earnings of $415.1 million or $1.14 per share for the period. Analysts on average had expected the company to earn $1.12 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Revenue for the quarter rose 6.6% to $1.29 billion from $1.21 billion last year. Analysts on average had estimated $1.29 billion in revenue.

CEO, John Gibson said: "We are off to a strong start for fiscal 2024 with 7% growth in total revenue and 11% for adjusted diluted earnings per share. Demand for our solutions remains strong as businesses continue to look to us for the technology and expertise to navigate today's rapidly changing business environment."

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