Paychex (PAYX) - Get Paychex, Inc. Report shares are set to rise Wednesday after the Rochester, N.Y., human-resources-services company reported fiscal-first-quarter results ahead of analyst estimates.
For the quarter ended Aug. 31, Paychex earned 73 cents a share, or an adjusted 71 cents, against 67 cents in the year-earlier quarter. Revenue rose 15% to $992 million.
Analysts surveyed by FactSet were expecting earnings of 68 cents a share on revenue of $991.1 million.
"Our human-resource-outsourcing services, time and attendance solutions, and retirement services performed well," Chief Executive Martin Mucci said in a statement. And "demand for our professional employer organization business continues to grow."
The company plans to introduce several new services at the 2019 HR Technology Conference & Exposition in Las Vegas Oct. 1 through 4.
"This includes wearable technology for tracking time worked, pay-on-demand, the next generation of the Paychex Flex intelligence engine, and an API integration network," Mucci said.
Paychex shares were rising 1.7% to $83.25 premarket.
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