Paychex Inc is trading higher Wednesday after the company announced better-than-expected fiscal second-quarter 2022 financial results.
Paychex reported quarterly adjusted earnings of 91 cents per share, which beat the estimate of 80 cents per share. The company reported quarterly revenue of $1.11 billion, which beat the estimate of $1.06 billion.
Paychex said it expects fiscal-year 2022 revenue growth of 10% to 11%.
"We posted strong financial results for the second quarter of fiscal 2022, with growth of 13% in total revenue and 21% in diluted earnings per share. Results were driven by growth in employees within our client base and continued strong sales growth and client retention," said Martin Mucci, chairman and CEO of Paychex.
Paychex is a leading provider of payroll, human capital management and insurance solutions servicing small and midsize clients primarily in the United States.
PAYX Price Action:Paychex has traded as low as $85.30 over a 52-week period. It's making new 52-week highs during Wednesday's trading session.
The stock was up 5.54% at $133.44.