Paychex, Inc. (NASDAQ:PAYX) has released its earnings report for its fiscal third quarter of 2018.
During its fiscal third quarter of the year, Paychex, Inc. reported revenue of $866.50 million. This is an increase over its revenue of $795.80 million that was reported in the same period of the year prior. It also came in above Wall Street’s revenue estimate of $854.50 million for the quarter.
Paychex, Inc. also reported earnings per share of 63 cents for its fiscal third quarter of 2018. This is better than the company’s earnings per share of 55 cents from its fiscal third quarter of 2017. It also matches analysts’ earnings per share estimate of 63 cents for the period.
Net income reported by Paychex, Inc. for its fiscal third quarter of the year came in at $260.40 million. The payroll service company reported net income of $202.50 million for the same quarter of the previous year.
Paychex, Inc.’s earnings report for its fiscal third quarter of 2018 also includes operating income of $292.50 million. This is down from the company’s operating income of $306.60 million that was reported for the same time last year.
The recent earnings report from Paychex, Inc. also includes an update to its outlook for fiscal 2018. It is expecting revenue for the year to be up 7% while earnings per share increase between 15% to 16%. Revenue and earnings per share for fiscal 2017 were $3.15 billion and $2.20. Wall Street is looking for revenue of $3.36 billion and earnings per share of $2.48 for the full year of fiscal 2018.
PAYX stock was down 1% as of Monday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.