5 Key Earnings Reports to Watch

In this article, we discuss the 5 key earnings reports to watch. If you want to read our detailed analysis of these companies, go directly to the 10 Key Earnings Reports to Watch.

5. Paychex, Inc. (NASDAQ:PAYX)

Number of Hedge Fund Holders: 29

Shares of Paychex, Inc. (NASDAQ:PAYX) rose more than four percent on Thursday, 30 September 2021, after delivering impressive results for its fiscal first quarter. The human-capital services company reported adjusted earnings of 89 cents per share, beating the consensus forecast of 80 cents per share.

Paychex, Inc. (NASDAQ:PAYX) had reported adjusted earnings of 63 cents per share in the comparable period of 2020. Revenue for the quarter jumped 16 percent on a year-over-year basis to $1.08 billion, ahead of the consensus estimate of $1.04 billion.

If we compare the performance of its key segments, management solutions revenue rose 17 percent to $805.5 million in the quarter, while PEO and insurance solutions revenue increased 14 percent to $262.9 million.

Paychex, Inc. (NASDAQ:PAYX) also updated the profit outlook for its fiscal year 2022. The company now expects its adjusted earnings to grow in the range of 12 – 14 percent, up from its previous growth forecast of 10 – 12 percent.

Speaking on the results, CEO Martin Mucci said:

“Fiscal 2022 is off to a strong start as we achieved double-digit growth in both revenue and earnings. These results reflected improvement in the economy, continued momentum in sales, and strong levels of client retention. Our sales performance was driven by ongoing strength in both digital and HR Outsourcing sales and solid growth in the mid-market space.”