Paycom Software Q2 Profit Rises

Paycom Software Inc. (PAYC) Tuesday reported second-quarter profit of $57.4 million or $0.99 per share, up from $52.3 million or $0.90 per share last year.

Adjusted profit rose to $73.0 million or $1.26 per share from $56.5 million or $0.97 per share in the same period last year.

Revenues rose 30.9% to $316.9 million from $242.1 million in the same period last year. Recurring revenues were $311.5 million, up 31.1% from the comparable prior year period.

Analysts polled by Thomson Reuters estimate earnings of $1.12 per share on revenues of $308.73 million for the quarter.

Looking forward, the company expects revenues of $327 million to $329 million for the third quarter and $1.354 billion to $1.356 billion for full year 2022. Analysts currently estimate revenues of $318.62 million and $1.33 billion for the third quarter and full year 2022.

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