Shares of human capital management solutions provider Paychex, Inc. (PAYX) are rising more than 4% Wednesday morning after reporting better-than-expected third-quarter results.
Profit in the third quarter increased to $467.4 million or $1.29 per share from $430.7 million or $1.19 per share in the same quarter a year ago on revenue growth. Analysts on average, were expecting a profit of $1.24 per share.
Quarterly revenue increased to $1.381 billion from $1.276 billion last year, helped by growth in service revenue. The consensus estimate was for $1.36 billion.
Looking forward, the company has raised the lower limit of its adjusted EPS outlook. The company now expects adjusted EPS to grow 13%-14% from last year, compared with 12%-14% growth anticipated earlier.
PAYX is at $114.25 currently. It has traded in the range of $105.66-$141.92 in the last 1 year.
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