Paychex Inc. continues to anticipate GAAP net income growth of 7% for the fiscal year ending May 31.
Adjusted net income for the fiscal year is expected to increase approximately 8%.
The company expects payroll service revenue to increase in the range of 3% to 4%, while human resource services 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%.
Paychex reported fiscal third-quarter net income of $202.5 million, or 56 cents per share, compared with $180.4 million, or 50 cents per share, in the year-ago quarter.
Adjusted net income for the quarter was $199.3 million, or 55 cents per share, versus $180.4 million, or 50 cents per share, in the year-ago quarter.
The S&P Capital IQ consensus normalized EPS estimate for the quarter was 54 cents.