Paychex Inc. (NASDAQ: PAYX) on Tuesday said its earnings increased year-over-year in the third quarter of 2024, helped by revenue growth. The company also issued guidance for fiscal 2024.
Revenues of the Rochester-based human capital management solutions provider grew by 4% and reached $1.44 billion in the February quarter. All three operating segments registered growth.
The positive top-line performance resulted in an increase in adjusted net earnings to $1.38 per share in the third quarter from $1.29 per share in the same period of 2023. Net income, including special items, was $498.6 million or $1.38 per share in Q3, up from last year’s profit of $467.4 million or $1.29 per share.
Paychex’s CEO John Gibson said, “We are continuing to prioritize investments in data, analytics, and artificial intelligence (AI) to streamline our internal processes and offer greater value and actionable insights to our clients, as evidenced by our recent creation of a new role of senior vice president of data, analytics, and AI.”