Paychex surpasses earnings expectations in fiscal first-quarter results

Paychex (NASDAQ:PAYX) today announced a robust fiscal first-quarter profit of $427.4 million, outperforming Wall Street predictions.

The company reported earnings of $1.18 per share, with adjusted earnings at $1.16 per share after accounting for pretax gains.

Analysts had anticipated slightly lower earnings, with an average estimate of $1.14 per share according to a survey of eight analysts by Zacks Investment Research.

The payroll processor and human resources services provider also exceeded revenue expectations, posting $1.32 billion for the quarter.

This figure surpasses the forecast of $1.31 billion expected by seven analysts surveyed by Zacks.

Following the earnings release, Paychex's share remained largely unchanged at $134.19.