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Paychex reports year-over-year increases in sales and net profit in Q2
Paychex reports year-over-year increases in sales and net profit in Q2
Paychex Inc. reported year-over-year growth in second-quarter sales and net income, due largely to the company’s strong execution and comprehensive suite of solutions, its leaders said.
The business reported before markets opened Thursday that net income was up eight percent to $360.3 million, compared to net income of $332.1 million a year ago.
Diluted earnings per share increased 9 percent to 99 cents per share for the second quarter compared to the prior year period. Adjusted diluted earnings per share also increased 9 percent to 99 cents per share for the second quarter compared to the prior year period.
Sales were $1.19 billion, up seven percent from $1.11 billion during last year’s quarter.
“As businesses struggle with both inflationary pressures and acquiring talent in a continuing tight labor market, we are well positioned to help companies find and retain employees, drive operational efficiency and address complex human resource issues,” said John Gibson, Paychex president and CEO, in a statement. “We continue to leverage our innovative HR technology and advisory solutions to help employers navigate this challenging environment.”
The company also raised its guidance and now expects adjusted diluted earnings per share to grow in the range of 12 to 14 percent, up from previous estimates of 11 to 12 percent.
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