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Paychex maintains earnings growth forecast for FY'17

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.