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Paychex reports higher fiscal Q2'17 net income YOY

Paychex Inc. reported fiscal second-quarter net income of $202.1 million, or 56 cents per share, compared to $189.2 million, or 52 cents per share, in the year-ago quarter.

Adjusted net income for the quarter was $201.2 million, or 56 cents per share, compared to $189.0 million, or 52 cents per share, in the prior-year quarter.

The S&P Capital IQ consensus normalized estimate for the quarter was 56 cents.

Total revenue for the most recent quarter grew 7% year over year to $771.4 million from $722.4 million.

For fiscal 2017, the company continues to expect net income to increase approximately 7% and adjusted net income to increase approximately 8%. Paychex still expects payroll service revenue to grow between 3% and 4%, human resource services revenue to increase in the range of 12% to 14% and total service revenue to increase in the range of 7% to 8%. Interest on funds held for clients is now expected to reflect upper-single-digit growth, instead of mid-single-digit growth as said earlier.