Paychex (PAYX) Q4 earnings increase on higher revenues; guides FY24

Paychex Inc. (NASDAQ: PAYX) on Thursday said its earnings increased year-over-year in the fourth quarter of 2023, helped by strong revenue growth. The company also provided guidance for fiscal 2024.

Revenues of the Rochester-based human capital management solutions provider grew by 7% and reached $1.23 billion in the May quarter. All three operating segments registered growth.

The positive top-line performance resulted in an increase in adjusted net earnings to $0.97 per share in the latest quarter from $0.81 per share in the same period of 2022. Net income, including special items, was $350.4 million or $0.97 per share, up from last year’s profit of $296.4 million or $0.82 per share.

Paychex’s CEO John Gibson said, “We are proud to be there to support our customers and their employees in a complex and challenging environment for small and medium-sized businesses. We have helped them leverage our HR technology, provided advice on complex HR issues, hire and retain talent, and secure funding such as the Employee Retention Tax Credit.”

Prior Performance