While reporting financial results for the fourth quarter and fiscal 2022 on Thursday, payroll and HR services provider Paychex Inc. (PAYX) initiated adjusted earnings guidance for the full year 2023, above analysts' estimates.
For fiscal 2023, the company now projects adjusted earnings per share to grow in the range of 9 to 10 percent on total revenues growth of 7 to 8 percent.
Based adjusted earnings of $3.77 per share and total revenues of $4.55 billion reported for fiscal 2022, the guidance implies adjusted earnings in a range of $4.11 to $4.15 per share on total revenues between $4.87 billion and $4.91 billion for fiscal 2023.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.06 per share on revenue growth of 7.5 percent to $4.88 billion for the year. Analysts' estimates typically exclude special items.
For the fourth quarter, the company reported net income of $296.4 million or $0.82 per share, up from $263.0 million or $0.73 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter were $0.81 per share, compared to $0.72 per share in the year-ago quarter.
Total revenue for the quarter increased 11 percent to $1.14 billion from $1.03 billion in the same quarter last year.
The Street was looking for earnings of $0.79 per share on revenues of $1.11 billion for the quarter.
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