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Paychex (PAYX) Q3 Earnings Beat Estimates, Revenues Miss
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Paychex, Inc. (PAYX - Free Report) is a leading provider of comprehensive payroll and integrated human resource and employee benefits outsourcing solutions to small- and medium-sized businesses in the United States. Paychex’s payroll service continues to perform well and the company continues to see better-than-expected demand for its human resource outsourcing services.
The company’s investments in product development and focus on building its sales force to support revenue growth are encouraging. We consider that the company’s expansionary initiatives such as joint ventures and acquisitions support its long-term growth strategy.
However, increased investment in new and innovative products, sluggish macroeconomic conditions and severe competition from other players in the space has made this sector a very tough one to be in for the short term. Due to this, investors are eagerly awaiting PAYX’s earnings report in order to set the record straight and to give some guidance on where this company is heading.
PAYX have a decent history when it comes to recent earnings reports as the stock has beaten estimates twice and also meets twice in the last four quarters, making for an average surprise of approximately 1.77%.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: PAYX Beats on earnings. The company’s reported earnings of 55 cents per share came a penny ahead of the Zacks Consensus Estimate.
Revenue: Revenues missed. Paychex posted revenues of $782.6 million, compared to our consensus estimate of $799 million.
Key Stats: The company’s Human Resource Services segment witnessed strong growth mainly driven by a rise in client base and worksite employees, increased revenues from retirement and online HR administration services. Also, Paychex reiterated its fiscal 2017 outlook.
Shares of PAYX were up 1.5% in the pre-market trading.
Check back later for our full write up on this PAYX earnings report later!
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>
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Paychex (PAYX) Q3 Earnings Beat Estimates, Revenues Miss
Paychex, Inc. (PAYX - Free Report) is a leading provider of comprehensive payroll and integrated human resource and employee benefits outsourcing solutions to small- and medium-sized businesses in the United States. Paychex’s payroll service continues to perform well and the company continues to see better-than-expected demand for its human resource outsourcing services.
The company’s investments in product development and focus on building its sales force to support revenue growth are encouraging. We consider that the company’s expansionary initiatives such as joint ventures and acquisitions support its long-term growth strategy.
However, increased investment in new and innovative products, sluggish macroeconomic conditions and severe competition from other players in the space has made this sector a very tough one to be in for the short term. Due to this, investors are eagerly awaiting PAYX’s earnings report in order to set the record straight and to give some guidance on where this company is heading.
PAYX have a decent history when it comes to recent earnings reports as the stock has beaten estimates twice and also meets twice in the last four quarters, making for an average surprise of approximately 1.77%.
Currently, PAYX has a Zacks Rank #3 (Hold), but that could definitely change following the company’s third-quarter fiscal 2017 earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
We have highlighted some of the key stats from this just-revealed announcement below:
Earnings: PAYX Beats on earnings. The company’s reported earnings of 55 cents per share came a penny ahead of the Zacks Consensus Estimate.
Revenue: Revenues missed. Paychex posted revenues of $782.6 million, compared to our consensus estimate of $799 million.
Key Stats: The company’s Human Resource Services segment witnessed strong growth mainly driven by a rise in client base and worksite employees, increased revenues from retirement and online HR administration services. Also, Paychex reiterated its fiscal 2017 outlook.
Paychex, Inc. Price
Paychex, Inc. Price | Paychex, Inc. Quote
Shares of PAYX were up 1.5% in the pre-market trading.
Check back later for our full write up on this PAYX earnings report later!
More Stock News: 8 Companies Verge on Apple-Like Run
Did you miss Apple's 9X stock explosion after they launched their iPhone in 2007? Now 2017 looks to be a pivotal year to get in on another emerging technology expected to rock the market. Demand could soar from almost nothing to $42 billion by 2025. Reports suggest it could save 10 million lives per decade which could in turn save $200 billion in U.S. healthcare costs.
A bonus Zacks Special Report names this breakthrough and the 8 best stocks to exploit it. Like Apple in 2007, these companies are already strong and coiling for potential mega-gains. Click to see them right now >>