Paychex Guides FY24 Above Estimates - Update

(RTTNews) - While reporting financial results for the fourth quarter and fiscal 2023 on Thursday, payroll and HR services provider Paychex Inc. (PAYX) initiated adjusted earnings growth and revenue growth guidance for the full year 2024, above analysts' estimates.

For fiscal 2024, the company now projects adjusted earnings per share to grow in the range of 9 to 10 percent on total revenues growth of 6 to 7 percent.

Based adjusted earnings of $4.27 per share and total revenues of $5.01 billion reported for fiscal 2023, the guidance implies adjusted earnings in a range of $4.65 to $4.70 per share on total revenues between $5.31 billion and $5.36 billion for fiscal 2024.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $4.59 per share on revenue growth of 6.2 percent to $5.31 billion for the year. Analysts' estimates typically exclude special items.

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