Paychex beats estimates

Paychex Inc. reported its latest financial results before the opening bell on Wall Street on Wednesday.

The US payroll services company reported total revenue of $1.276 billion for the quarter ending February 28, 2022 (a 15% increase year-over-year) vs. $1.22 billion expected.

Earnings per share reported at $1.15 per share, above analyst estimates of $1.05 per share.

Martin Mucci, Chairman and CEO commented on the latest results: ”Our strong results for the third quarter, including double-digit growth in both revenue and earnings are a result of progress against key initiatives. We had a strong calendar year end and selling season, delivering a record quarter for new sales revenue and maintaining high levels of client retention. Our value proposition continues to resonate in the market with our unique blend of innovative Paychex Flex® technology and breadth of solutions to help small and mid-sized businesses.”

Paychex Inc. chart

Shares of Paychex were up by around 3% on Wednesday at $137.35 a share.

Here is how the stock has performed in the past year –

• 1 Month: +13.59%
• 3 Month: -0.47%
• Year-to-date: +0.17%
• 1 Year: +39.50%

Paychex is the 366^th  largest company in the world with a market cap of $49.59 billion.

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Sources: Paychex Inc., TradingView, CompaniesMarketCap