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Paychex’s Shares To Rise On Shining Quarterly Report

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28-Sep
13:19 IST

Paychex, Inc. announced better-than-expected results for the fiscal first quarter before the market open on Wednesday. The New-York based company reported total service revenue of $785.5 million for the three months ended August 31. That was up 8.6% from $712.2 million revenue reported for the same period last year.

Net income was reported to have increased by 4% to $217.4 million, or $0.60 per share, up from $209.1 million, or $0.58 per share, in last year’s first quarter. “Net income and diluted earnings per share were impacted by changes in the effective income tax rate resulting from discrete tax items recognized in the first quarter and respective period last year”, the report said.

Martin Mucci, President and Chief Executive Officer, commented that “We experienced growth across all of our major human capital management product lines”.

Trade suggestion

Buy Stop at 58.24, take profit at 60.36, stop loss at 56.00

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