RTTNews | Sep 30, 2021 09:00AM EDT

09:00 Thursday, September 30, 2021 (RTTNews.com) - While reporting financial results for the first quarter of fiscal 2022 on Thursday, payroll and HR services provider Paychex Inc. (PAYX) raised its earnings and revenue growth guidance for the full year 2022, based on the strong first-quarter results.

For fiscal 2022, the company now projects adjusted earnings per share to grow in the range of 12 to 14 percent on total revenues growth of grow approximately 8 percent.

Based adjusted earnings of $3.04 per share and total revenues of $4.06 billion reported for fiscal 2021, the guidance implies adjusted earnings in a range of $3.40 to $3.47 per share on total revenues of about $4.38 billion for fiscal 2022.

Previously, the company expected adjusted earnings per share to grow in the range of 10 to 12 percent on total revenues growth of grow approximately 7 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $3.38 per share on revenue growth of 7.4 percent to $4.36 billion for the year. Analysts' estimates typically exclude special items.

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