Abhoy Sarkar's Avatar
published in Blogs
Apr 06, 2021
Paychex (PAYX, $95.25) beats fiscal Q3 expectations; but has year-over-year declines

Paychex (PAYX, $95.25) beats fiscal Q3 expectations; but has year-over-year declines

Payroll management company Paychex  beat  fiscal-third-quarter earnings expectations. However, it experienced year-over-year decline in fiscal-third-quarter earnings and revenue.

For the three months ended Feb. 28, adjusted earnings came in at 96 cents a share, compared with 97 cents in the year-ago quarter. Analysts polled by FactSet expected 92 cents a share.

Revenue fell -2.6% year-over-year to $1.11 billion, in line with analysts’ estimates.

"Client retention remains strong and at record levels, and our results for the third quarter show that our resilient business model has helped us navigate the uncertainties created by COVID-19," President and Chief Executive Martin Mucci said in a statement.

Looking ahead, Paychex expects both revenue and adjusted earnings per share to range between flat with to down -2% in fiscal 2021.

 

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