Paychex, Inc. (PAYX) Wednesday reported third-quarter profit of $144.5 million or $0.40 per share, up from $135.4 million or $0.37 per share in the same period last year.
On average, 22 analysts polled by Thomson Reuters expected the company to earn $0.39 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues totaled $593.3 million, up 4 percent from $569.5 million last year. Analysts expected revenues of $592.62 million.
Payroll service revenues for the quarter improved to $393.7 million from $386.5 million last year. Human resource services revenues totaled $188.7 million, up from $172.0 million last year.
Total service revenues amounted to $582.4 million, compared to $558.5 million last year.
Looking ahead to the fiscal year 2013, the company expects earnings growth in the order of 5 percent to 7 percent, with total service revenue growth ranging between 5 percent and 6 percent. Analysts curently expect full-year earnings of $1.60 per share and revenues of $2.33 billion.
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