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Paychex Issues FY21 Guidance - Quick Facts

Paychex, Inc. (PAYX) said the company expects fiscal 2021 adjusted earnings per share to decline in the range of 6% to 10%. Total revenue is anticipated to decline in the range of 2% to 5%. Management Solutions revenue is anticipated to decline in the range of 1% to 4%. The company noted that future developments related to COVID-19 pandemic could alter its guidance.

Paychex said it is planning an acceleration of its long-term strategy to reduce geographic footprint. The company expects recognizing one-time costs of approximately $40.0 million related to this, primarily in the first quarter of fiscal 2021.

For the fourth quarter, adjusted earnings per share decreased 3% year-on-year to $0.61. Total revenue decreased 7% to $915.1 million. Management Solutions revenue declined 6% to $661.8 million. The company said its results of operations were adversely impacted by the COVID-19 pandemic as businesses suspended operations.

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