Paychex (NASDAQ:PAYX) earnings for the payment processing company’s fiscal second quarter of 2020 have PAYX stock down on Wednesday. This is despite it reporting adjusted EPS of 70 cents on revenue of $990.70 million. These are both above Wall Street’s estimates of 68 cents per share and revenue of $987.65 million.
Let’s take a more in-depth look at the current Paychex earnings report.
- Adjusted per-share earnings are 7.69% higher from 65 cents during the same time last year.
- Revenue is up 15% from the $858.90 million reported in fiscal Q2 2019.
- Operating income of $341.70 million is an 11% increase YoY.
- The PayChex earnings report also includes a net income of $$258.70 million.
- That’s a 10% improvement over the company’s net income of $235.80 million in the same period of the year prior.
Martin Mucci, President and Chief Executive Officer of Paychex, has this to say about the PAYX stock earnings report.
“During the second quarter, we delivered solid growth across our major business lines. In particular, our human resource (“HR”) outsourcing services, time and attendance solutions, and retirement services performed well.”
The Paychex earnings report also includes the company’s outlook for fiscal 2020. This has it expecting diluted earnings per share to grow between 9% and 10%. For comparison, Wall Street is expecting PAYX to reported earnings per share of $3.10 for the current fiscal year.
PAYX stock was down 1.11% as of Wednesday afternoon. However, the stock is up 30.95% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.