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Paychex Q1 results top Street expectations

Rochester Business Journal
September 30, 2013

Paychex Inc.’s net income rose some 6 percent in its fiscal first quarter.

On Monday, the Penfield-based payroll and human resource services company reported net income of $162.8 million, up from $153.1 million a year ago. Diluted earnings per share rose 5 percent to 44 cents from 42 cents a year ago. Analysts polled by Thomson Reuters expected earnings per share of 43 cents.

The company logged $607.9 million in revenue, topping analysts’ estimates of $605.6 million. Revenues were up 5 percent from $578.2 million a year ago.

Payroll service revenue increased 2 percent in the quarter to $395.2 million, while human resources services increased 11 percent to $202.7 million.

Martin Mucci, Paychex president and CEO, called the quarter a solid start to fiscal 2014.

“Our sales execution continues to advance, particularly in core payroll and in human resource services,” he said. “Our investments in market-leading software-as-a-service technology and mobile applications position us for long-term growth. Furthermore, client satisfaction and client retention continued at record levels.”

Mucci also highlighted the company’s growth in South America, where it is offering payroll and human resource services in Brazil.

“Brazil is a significant market with a growing economy, approximately five million small businesses, and, with recent regulatory changes, a significant opportunity for outsourcing payroll and human resource services,” he said.

(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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