5 Companies in The Limelight After Releasing Their Financial Results

3. Paychex, Inc. (NASDAQ:PAYX)

Number of Hedge Fund Holders: 35

Shares of Paychex, Inc. (NASDAQ:PAYX) recently hit a new 52-week high of $140.67 following the company’s upbeat financial performance for its fiscal third quarter. The HR and payroll services provider reported adjusted earnings of $1.15 per share, topping estimates of $1.05 per share.

Revenue for the quarter jumped 15% year-over-year to $1.28 billion, ahead of the consensus of $1.22 billion. Paychex, Inc. (NASDAQ:PAYX) also released its segment-wise sales performance. Its management solutions revenue jumped 13% to $959.9 million, while PEO and insurance solutions’ revenue climbed 21% to $301.7 million in the quarter.

Looking forward, Paychex, Inc. (NASDAQ:PAYX) revised its profit outlook for the full year. The company now expects its fiscal 2022 adjusted earnings to grow in the range of 22.5 – 23% versus its previous growth outlook of 18 – 20%.

Commenting on the results, CEO Martin Mucci said in a statement:

“While the impacts of COVID-19 are abating, businesses are still operating in a very complex and volatile environment. Focus is shifting from operational and financial survival during the height of the pandemic back to an employee-centric focus, with attracting and retaining talent, remote work, and workplace safety being top areas of concern.”