Human resource and payroll benefits manager Paychex posted fiscal-second-quarter earnings that surpassed analysts’ expectations, thanks to client retention and strengthening client base.
For the quarter ended Nov. 30, the company’s earnings came in at 75 cents a share, compared to 66 cents expected by analysts polled by FactSet. The figure is also higher than the year-ago quarter’s 72 cents a share.
Revenue fell 0.7% year-over-year to $983.7 million, exceeding analysts’ forecast of $954 million.
While the covid-19 pandemic affected the results, strong client retention and our sales performance has resulted in year-over-year growth in the number of clients sold and serviced, as suggested in a statement from President and Chief Executive Martin Mucci.