HR management firm Paychex beats profit estimates on higher client spending
Oct 1 (Reuters) -Human resource management firm Paychex PAYX.O edged past quarterly profit estimates on Tuesday, helped by higher demand for its payroll services from small-and-medium businesses.
The results are the latest sign that rising spending from smaller enterprises was helping Paychex and rivals Dayforce DAY.N and Workday WDAY.O stay resilient even as data showed that job creation in the U.S. private sector slowed for the fifth straight month in August.
Paychex, which has more than 745,000 clients, offers HR outsourcing, human capital management technology, payroll processing, retirement and insurance solutions.
The company's revenue for the quarter ended Aug. 31 grew 3% from a year earlier to $1.32 billion, in line with the analysts' average estimate, according to data compiled by LSEG.
Adjusted profit per share of $1.16 came above expectations of $1.14.
"Small and mid-sized businesses remain resilient as the U.S. labor market gradually returns to its pre-pandemic level and wage inflation continues to moderate," CEO John Gibson said.
Paychex maintained its annual forecast of revenue growth in the range of 4.0% to 5.5%, and adjusted per share profit growth between 5% and 7%.
Shares of the company were little changed in early trading. The stock has risen 12% so far this year.
Reporting by Rishi Kant in Bengaluru; Editing by Shinjini Ganguli
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