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Paychex reports earnings and sales growth in ‘transformational’ Q3
Paychex reports earnings and sales growth in ‘transformational’ Q3
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Paychex is well positioned for the evolving HR landscape, its leader said, with the firm reporting Wednesday morning sustained revenue and earnings growth in the third quarter.
The company logged revenues of $1.51 billion in the quarter, up 5% from revenue of $1.44 billion during the same period last year.
Operating income grew 6% to $691.8 million for the third quarter and adjusted operating income grew 9% to $708.5 million.
Diluted earnings per share and adjusted diluted earnings per share increased 4% to $1.43 per share and 8% to $1.49 per share, respectively, for the third quarter.
“The third quarter of this fiscal year has been a transformational time at Paychex,” said John Gibson, president and CEO.
He added the company is well positioned for continued growth in the human capital management sector, as it continues to move toward digital and AI driven solutions.
Gibson highlighted the pending $4.1 billion acquisition of Paycor — which is expected to close in April and will create one of the most comprehensive human capital management portfolios in the industry – as well as investments in automation and technology, which are boosting efficiency across the organization, as steps toward continued growth.
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