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Paychex Inc. (NASDAQ: PAYX ) on Thursday said earnings increased year over year in the second quarter of 2023, helped by strong revenue growth. Earnings also beat analysts’ consensus forecasts.
Revenue from the Rochester-based provider of human capital management solutions rose 7% to $1.19 billion in the November quarter and matched expectations. All three operating segments registered growth.
The positive top-line performance translated into a 9% increase in adjusted net earnings to $0.99 per share in the most recent quarter from $0.91 per share in the same period of 2022. Net income, including special items, was $360.3 million or $0 .99 per share, up from last year’s profit of $332.1 million or $0.91 per share.
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Paychex CEO John Gibson said, “We continue to use innovative HR technology and advisory solutions to help employers navigate this challenging environment. We have helped more than 50,000 clients secure government funding available through the Employee Retention Tax Credit program.
Previous Performance
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