Paychex (PAYX) Tops Q1 EPS by 3c; Updates FY17 Outlook
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Paychex (NASDAQ: PAYX) reported Q1 EPS of $0.60, $0.03 better than the analyst estimate of $0.57. Revenue for the quarter came in at $785.5 million versus the consensus estimate of $782.8 million.
Our outlook for the fiscal year ending May 31, 2017 (“fiscal 2017”) is based upon current market, economic, and interest rate conditions continuing with no significant changes. Our guidance for fiscal 2017 has been updated as follows:
- Payroll service revenue is anticipated to increase in the range of 3% to 4%;
- As reported, net income is now expected to increase approximately 7%, updated to reflect the impact of the discrete tax items recognized in the respective first quarter of fiscal years 2017 and 2016; and
- The effective income tax rate for fiscal 2017 is expected to be approximately 35%, also reflecting the impact of the discrete tax items recognized in the first quarter.
Other aspects of our guidance for fiscal 2017 remain unchanged from what we provided previously. This includes the following:
- HRS revenue is anticipated to increase in the range of 12% to 14%;
- Total service revenue is expected to increase in the range of 7% to 8%; and
- Interest on funds held for clients is expected to reflect mid-single-digit growth.
For earnings history and earnings-related data on Paychex (PAYX) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ocean Power Technologies (OPTT) Reports Q2 Loss of $0.25/Share
- Vince Holding (VNCE) Misses Q3 EPS by 1c, Sales Miss; Guides FY Sales Below the Street
- Xactly Corporation (XTLY) Tops Q3 EPS by 7c
Create E-mail Alert Related CategoriesEarnings, Guidance
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!