RTTNews | Oct 6, 2020 08:51AM EDT

08:51 Tuesday, October 6, 2020 (RTTNews.com) - Paychex, Inc. (PAYX) said, for fiscal 2021, the company expects: adjusted earnings per share to decline in the range of 6% to 8%; and total revenue to decline in the range of 2% to 4%. Management Solutions revenue is anticipated to decline in the range of 1% to 3%.

First quarter adjusted earnings per share was $0.63, down 11% from prior year. On average, 19 analysts polled by Thomson Reuters expected the company to report profit per share of $0.55, for the quarter. Analysts' estimates typically exclude special items. The company's results of operations for the first quarter were adversely impacted as businesses continue to be affected by the COVID-19 pandemic.

First quarter total revenue was $932.2 million, a decline of 6% from previous year. Analysts expected revenue of $895.38 million, for the quarter. Management Solutions revenue declined 5% year-on-year.

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