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Paychex reiterates fiscal '18 guidance, issues fiscal Q2 results

Paychex Inc. has reiterated its guidance for the fiscal year ending May 31, 2018.

The company still expects human resource services revenue to increase by 12% to 14%, and total revenue is projected to jump by about 6%. Operating income as a percentage of total revenue is still expected to be in the region of 39% to 40%.

Net income is expected to increase about 5%, and adjusted net income is anticipated to increase about 7%. Additionally, diluted earnings per share is expected to increase in the range of 5% to 6% and adjusted diluted earnings per share is expected to increase in the range of 7% to 8%.

Paychex also reported net income of $217.0 million, or 60 cents per share, for the three months ending Nov. 30, up from $202.1 million, or 56 cents per share, a year earlier. Adjusted net income was $214.4 million, or 59 cents per share.

The S&P Capital IQ consensus normalized EPS estimate for the quarter was 59 cents.