Paychex, Inc. posted first-quarter fiscal 2022 adjusted earnings of $1.03 per share, which surpassed the Zacks Consensus Estimate by 6.2% . The earnings grew +15.7% from the year-ago quarter.
The payroll solutions company’s revenues rose +11.4% year over year to $1.2 billion, beating expectations by 1.8%.(as reported by Zacks Equity Research).
Revenues from Management Solutions segment were up +12% year over year to $905.5 million. Professional employer organization (“PEO”) and Insurance Solutions revenues rose +8% from the year-ago quarter to $282.8 million.
For fiscal 2023, Paychex lowered its adjusted earnings per share forecast to imply 11-12% growth (vs. prior expectation of 9-10% growth). The company reiterated revenues growth outlook of 7-8%.