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Paychex net income climbs YOY in fiscal Q1'17

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Paychex net income climbs YOY in fiscal Q1'17

PaychexInc. reported net income of $217.4 million, or 60 cents per share,for the fiscal first quarter of 2017, up from $209.1 million, or 58 cents pershare, in the prior-year quarter.

The S&P Capital IQ consensus GAAP estimate for thequarter was 57 cents.

Total revenue climbed 9% to $785.5 million in the fiscalfirst quarter of 2017 from $723.0 million in the year-ago quarter.

The company revised some parts of its guidance for fiscal2017. Net income is now expected to increase approximately 7%, lower than thepreviously anticipated increase of approximately 8%.

Payroll service revenue is now anticipated to climb between3% and 4%. The company previously expected payroll service revenue to increaseapproximately 4%.

The company continues to expect human resource servicesrevenue to increase in the range of 12% to 14% and total service revenue toclimb in the range of 7% to 8%. Interest on funds held for clients is stillexpected to reflect mid-single-digit growth.