Paychex Inc. (NASDAQ: PAYX) on Thursday said its earnings increased year-over-year in the second quarter of 2023, helped by strong revenue growth. Earnings also surpassed analysts’ consensus forecast.
Revenues of the Rochester-based human capital management solutions provider grew by 7% and reached $1.19 billion in the November quarter and matched expectations. All three operating segments registered growth.
The positive top-line performance translated into a 9% increase in adjusted net earnings to $0.99 per share in the latest quarter from $0.91 per share in the same period of 2022. Net income, including special items, was $360.3 million or $0.99 per share, up from last year’s profit of $332.1 million or $0.91 per share.
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Paychex’s CEO John Gibson said, “We continue to leverage our innovative HR technology and advisory solutions to help employers navigate this challenging environment. We’ve helped more than 50,000 of our clients secure available government funding through the Employee Retention Tax Credit program.”