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Paychex Lifts FY18 Revenue Outlook

Paychex Inc. (PAYX) said that it updated guidance for the fiscal year ending May 31, 2018 as a result of its acquisition of HROI and to reflect the net discrete tax benefit related to employee stock-based compensation payments recognized in the first quarter.

The company expects HRS revenue to increase in the range of 12% to 14%, compared to prior outlook of 8% to 10% growth.

Total revenue is expected to grow approximately 6%. Previously, the company expected total revenue, including interest on funds held for clients, to increase approximately 5%.

Operating income as a percent of total revenue is anticipated to be in the range of 39% to 40%.

The company noted that Other aspects of its guidance for fiscal 2018 remain unchanged from what it provided previously. The company expected adjusted net income to increase approximately 7%; and adjusted earnings per share to increase in the range of 7% to 8%.

by RTTNews Staff Writer

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