Paychex Misses Revenue Estimates

Paychex, Inc.

released its fiscal fourth-quarter earnings results after the closing bell on Wednesday. The company reported net income of $123.3 million or $0.34 per share, compared to $118.9 million or $0.33 per share, in last year's fourth-quarter. This was in line with analysts' consensus EPS estimates of $0.34. Revenues in the period were up to $551.5 million versus $522.7 million in the year ago period. This missed analysts' consensus revenue estimates of $557.67 million. Looking ahead, PAYX sees net income growth of 5% to 7% and total service revenue growth of 5% to 6% in fiscal 2013. Currently, Wall Street is projecting that PAYX will report earnings per share of $1.63 on revenues of $2.38 billion in fiscal 2013.