Paychex (NASDAQ:PAYX) earnings for the payroll company’s fiscal first quarter of 2020 has PAYX stock moving on Wednesday. The company’s adjusted earnings per share of 71 cents beat out Wall Street’s estimate of 68 cents for the quarter. Revenue comes in at $992 million, which comes in above analysts’ estimate of $991.13 million.
Now for a deeper look into the Paychex earnings report.
- PAYX saw its per-share earnings for the quarter increase 5% YoY.
- Revenue for the company’s fiscal first quarter of the year was up 15% from $862.80 million reported during the same time last year.
- Operating income for the quarter was up 9% to $320.30 million from $349.10 million in its fiscal first quarter of 2019.
- The most recent Paychex earnings report also has net income coming in at $264.20 million.
- That’s an 8% increase over its net income of $243.60 million from the same period of the year prior.
- At the end of its fiscal first quarter of 2020, PAYX had $695.30 million in cash, restricted cash, and total corporate investments.
- The company’s total short-term and long-term borrowings, net of debt issuance costs were $853.0 million at the close of the quarter.
The Paychex earnings report also has the company reaffirming its outlook for fiscal 2020. This includes it’s expectations for adjusted diluted earnings per share to increase roughly 9% from $2.84 in fiscal 2020. Wall Street is looking for adjusted earnings per share of $3.09 for the fiscal year, which is an 8.80% increase from fiscal 2019.
PAYX stock was up 1% as of Wednesday afternoon and is up 25.85% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.