Reuters: Global Markets: Paychex posts in-line profit, backs FY view

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Paychex posts in-line profit, backs FY view Mar 28th 2012, 20:57 Wed Mar 28, 2012 4:57pm EDT (Reuters) - Paychex Inc (PAYX.O) posted a quarterly profit in line with market estimates, and the payroll processor said it continues to expect checks per client to be moderate for the rest of the year. The company, which caters to small and medium-sized businesses, backed its outlook for the remainder of 2012. Checks per client -- the number of paychecks issued by each client -- is an indicator of the health of the small business market in the United States. Third quarter net income was $135.4 million, or 37 cents a share, compared with $130.6 million, or 36 cents per share, last year. Net revenue rose 7 percent to $569.5 million. Analysts expected the company to earn 37 cents per share on revenue of $568.9 million according to Thomson Reuters I/B/E/S. Revenue from the company's key payroll service department was $386.5 million, up 5 percent from a year ago. Human resource services revenue rose 12 percent to $172 million. Shares of the company, which has a market value of around $11.5 billion, closed at $31.98 on Wednesday on the Nasdaq. (Reporting by Sharanya Hrishikesh in Bangalore; Editing by Joyjeet Das) Link this Share this Digg this Email Reprints

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