Paychex (NASDAQ:PAYX) reported strong fiscal second-quarter results, with net income of $395.4 million for the period, translating to $1.10 per share.
When adjusted for one-time gains and costs, the company posted earnings of $1.26 per share, surpassing Wall Street's expectations.
The results exceeded analyst forecasts, with the average estimate from six analysts surveyed by Zacks Investment Research being $1.24 per share.
The payroll processor and human-resources services provider reported revenue of $1.56 billion for the quarter, which also topped Street forecasts.
Analysts surveyed by Zacks had projected revenue of $1.55 billion.
The company’s performance highlights strong growth in both its payroll and HR services, positioning Paychex for continued success in the fiscal year.