RTTNews | Dec 22, 2021 08:58AM EST

08:57 Wednesday, December 22, 2021 (RTTNews.com) - Paychex, Inc. (PAYX) said it posted strong financial results for the second quarter, with growth of 13% in total revenue and 21% in earnings per share. The company said its results were driven by growth in employees within client base and continued strong sales growth and client retention. Looking forward, the company increased its business outlook for the year.

Second quarter adjusted earnings per share increased to $0.91 from $0.73, prior year. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.80, for the quarter. Analysts' estimates typically exclude special items. Net income increased to $332.1 million or $0.91 per share from $272.4 million or $0.75 per share.

Total revenue increased to $1.11 billion from $983.7 million, last year. Analysts on average had estimated $1.06 billion in revenue.

For fiscal 2022, the company now expects adjusted earnings per share to grow in the range of 18% to 20%. Adjusted operating margin is anticipated to increase to a range of 39% to 40%. Total revenue is now anticipated to grow in the range of 10% to 11%.

Shares of Paychex were up 3% in pre-market trade on Wednesday.

Read the original article on RTTNews ( https://www.rttnews.com/3251136/paychex-q2-profit-beats-estimates-raises-guidance-quick-facts.aspx)

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