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Paychex reports increase in third-quarter sales, profit

Paychex reports increase in third-quarter sales, profit

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Paychex Inc. reported year-over-year increases in third-quarter sales and profit, which company leaders said was largely due to growth in new sales and strong retention.  

Paychex reports Q1The company reported before markets opened Thursday that revenues were $1.38 billion, up eight percent from sales of $1.28 billion last year.  

Net income was $467 million, up nine percent from net income of $431 million during the prior year’s quarter.  

Diluted earnings per share increased 8 percent to $1.29 per share and adjusted diluted earnings per share increased 12 percent to $1.29 per share for the third quarter compared to the prior year period. 

“Small businesses have demonstrated remarkable resiliency, as they continue to contend with a constantly changing labor market, inflation and increasing regulations and interest rates going into calendar year 2023,” said John Gibson, Paychex president and CEO, in a release. “More than ever, businesses are seeking the assistance and support of stable trusted partners to help them navigate these issues. Paychex is well positioned with our unique blend of leading-edge technology solutions, human resources and compliance expertise and our long-standing track record of being there for our customers when they need us the most.” 

The company anticipates adjusted diluted earnings per share for the fiscal year to grow in the range of 13 to 14 percent. 

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