ROCHESTER, N.Y. (AP) — ROCHESTER, N.Y. (AP) — Paychex Inc. (PAYX) on Wednesday reported fiscal first-quarter profit of $419.2 million.
The Rochester, New York-based company said it had net income of $1.16 per share. Earnings, adjusted for pretax gains, were $1.14 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $1.12 per share.
The payroll processor and human-resources services provider posted revenue of $1.29 billion in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $1.28 billion.