Paychex Inc. Q1 Profit Increases, Beats Estimates

(RTTNews) - Paychex Inc. (PAYX) reported a profit for its first quarter that increased from the same period last year and beat the Street estimates.

The company's bottom line came in at $427.4 million, or $1.18 per share. This compares with $419.2 million, or $1.16 per share, in last year's first quarter.

Excluding items, Paychex Inc. reported adjusted earnings of $421.2 million or $1.16 per share for the period.

Analysts on average had expected the company to earn $1.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 2.5% to $1.318 billion from $1.286 billion last year.

Paychex Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $427.4 Mln. vs. $419.2 Mln. last year. -EPS (Q1): $1.18 vs. $1.16 last year. -Revenue (Q1): $1.318 Bln vs. $1.286 Bln last year.