Paychex Inc. (NASDAQ:PAYX) posted better-than-expected quarterly profit, helped by rise in revenue at its Payroll and Human Resource services.
Earnings were $140.4 million or $0.39 per share for the third quarter, compared with $133.9 million or $0.37 per share in the corresponding period of last year.
Revenue rose 7 percent to $545.7 million, the Rochester, New York-based payroll processor said. Payroll service revenue grew 5 percent, while Human Resource Service revenue increased 12 percent, the company said.
Analysts, on average, polled by Thomson Reuters expected the company to earn $0.38 per share on revenue of $551.66 million.
"Checks per client continued to improve for the second quarter, but, as anticipated, the 1.5 percent growth rate for the quarter was lower than the 2.0 percent experienced for the first quarter," the company said.
Looking ahead for fiscal 2012, the company still expects net income growth of 5
percent to 7 percent on total service revenue growth of 7 percent to 9 percent.
Analysts expect earnings of $1.51 per share on revenue of $2.24 billion.
PAYX, which has been trading in the 52-week range between $25.12 and $33.91, ended Tuesday's regular trading at $30.28, up 2.3 percent
{$end}Related Articles:Apollo Tyres, Funai, Iida Home, Legs Co., NTPC - Asia Stocks Preview
John Paulson �C What Went Less Wrong in 2011: LNG, APOL, GOLD, GLD, RAH, CAG
Tags: 4989 ,5401 ,6752 ,6752JT ,6966 ,8880 ,APTY ,ASII ,NKY ,SMGR ,Best China Stocks 2012
No comments:
Post a Comment