Paychex (NASDAQ:PAYX) stock was down on Wednesday following the release of its earnings report for its fiscal fourth quarter of 2018.
Paychex reported earnings per share of 61 cents for its fiscal fourth quarter of the year. This is up from its earnings per share of 54 cents from the same period of the year prior. However, it was a blow to PAYX stock by just missing Wall Street’s earnings per share estimate of 62 cents for the quarter.
Net income reported by Paychex for its fiscal fourth quarter of 2018 came in at $228.50 million. This is an increase over its net income of $195.30 million that was reported in its fiscal fourth quarter of the previous year.
During its fiscal fourth quarter of the year, Paychex reported operating income of $317.80 million. This is better than the payroll services’ operating income of $298.90 million that it reported in the same time last year.
Revenue reported by Paychex for its fiscal fourth quarter of 2018 was $871.10 million. The company’s revenue from its fiscal fourth quarter of 2017 was $798.60 million. Analysts were looking for revenue of $868.96 million from PAYX for the period.
Paychex also provides its outlook for fiscal 2019 in its most recent earnings report. It is expecting earnings per share for the year to increase by roughly 11% as revenue goes up by 6% to 7%. Fiscal 2018 earnings per share and revenue were $2.55 and $3.38 billion. Wall Street is estimating earnings per share of $2.77 on revenue of $3.60 billion for the fiscal year.
PAYX stock was down 2% as of Wednesday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.