Paychex (PAYX) Tops Q1 EPS by 7c

Paychex (NASDAQ: PAYX) reported Q1 EPS of $0.58, $0.07 better than the analyst estimate of $0.51. Revenue for the quarter came in at $723 million versus the consensus estimate of $717.55 million.

OUTLOOK

Our outlook for the fiscal year ending May 31, 2016 (“fiscal 2016”) is based upon current market, economic, and interest rate conditions continuing with no significant changes. Our guidance is as follows:

(1) Net income guidance excludes the impact of the net tax benefit related to prior tax years that was recorded in the first quarter.

We anticipate our effective income tax rate will be approximately 36%, excluding the net tax benefit related to prior tax years that was recorded in the first quarter. Our guidance for fiscal 2016 for interest on funds held for clients and operating income, net of certain items, as a percentage of service revenue are unchanged from the guidance we previously provided.

For earnings history and earnings-related data on Paychex (PAYX) click here.

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