Paychex (PAYX) Tops Q3 EPS by 1c ; Provides Outlook

Paychex (NASDAQ: PAYX) reported Q3 EPS of $1.38, $0.01 better than the analyst estimate of $1.37. Revenue for the quarter came in at $1.44 billion versus the consensus estimate of $1.46 billion.

Business Outlook

Our business outlook for the fiscal year ending May 31, 2024 (\"fiscal 2024\") incorporates current assumptions and market conditions. Changes in the macroeconomic environment could alter our guidance. With consideration of these impacts, we have updated our business outlook as follows:

Management Solutions revenue is now anticipated to grow in the range of 3.5% to 4.0%.
Total revenue is now anticipated to grow in the range of 5% to 6%.
Other income, net is now anticipated to be in the range of $40 million to $45 million.
Other aspects of our guidance for fiscal 2024 remain unchanged from what we provided previously.

For earnings history and earnings-related data on Paychex (PAYX) click here.

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