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Paychex Q1 Profit Increases, Beats Estimates; Ups FY23 Earnings View

(Adds Outlook)

Paychex Inc. (PAYX) released a profit for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $379.2 million, or $1.05 per share. This compares with $333.6M, or $0.92 per share, in last year's first quarter.

Excluding items, Paychex Inc. reported adjusted earnings of $371.9M or $1.03 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 11.5% to $1.206 billion from $1.082 billion last year.

Outlook:

Looking ahead, for the fiscal 2023, the company now expects its adjusted EPS growth to be in the range 11 percent to 12 percent against its previous guidance of 9 percent to 10 percent.

Analysts, on average, expect the HR technology provider to post EPS of $4.14.

For the full year, the firm also reiterated revenue growth outlook of 7 percent to 8 percent. Analysts, on average, expect the technology firm to register sales of $4.97 billion. For the fiscal 2022, Paychex had recorded total revenue of $4.611 billion.

Paychex Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $379.2 Mln. vs. $333.6M. last year.
-EPS (Q1): $1.05 vs. $0.92 last year.
-Analyst Estimate: $0.97
-Revenue (Q1): $1.206 Bln vs. $1.082 Bln last year.

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