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.”