Bulletin
Investor Alert

Market Pulse Archives

Dec. 23, 2020, 8:46 a.m. EST

Paychex stock jumps toward record territory after profit and revenue beats, raised guidance

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Paychex Inc. (PAYX)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tomi Kilgore

Shares of Paychex Inc. /zigman2/quotes/202030365/composite PAYX +3.15% rose 1.3% into record territory in premarket trading Wednesday, after the human resources services company reported fiscal second-quarter profit and revenue that beat expectations and raised its full-year outlook. Net income for the quarter to Nov. 30 rose to $272.4 million, or 75 cents a share, form $258.7 million, or 72 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 73 cents, above the FactSet consensus of 66 cents. Total revenue slipped 1% to $983.7 million, but topped the FactSet consensus of $954.0 million, as management solutions revenue rose slightly versus expectations of a slight decline. For fiscal 2021, the company now expected adjusted EPS to decline 1% to 4% from a year ago, compared with the previous guidance range of a decline of 6% to 8%. Revenue for the year is now expected to be down 3% to flat, versus previous expectations of a decline of 2% to 4%. The stock, which is on track to open above the Dec. 18 record close of $96.92, has run up 27.0% over the past three months through Tuesday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.95% has advanced 13.9%.

/zigman2/quotes/202030365/composite
US : U.S.: Nasdaq
$ 92.12
+2.81 +3.15%
Volume: 2.37M
March 5, 2021 4:00p
P/E Ratio
31.42
Dividend Yield
2.69%
Market Cap
$32.21 billion
Rev. per Employee
$255,728
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,841.94
+73.47 +1.95%
Volume: 3.33B
March 5, 2021 5:44p
loading...

This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.