UPDATE: Paychex FQ1 Net Profit Rises 3%

Paychex

reported a 3% rise in its first-quarter net income. Paychex's quarterly earnings surged to $153.1 million, or $0.42 per share, up from $148.9 million, or $0.41 per share, in the year-ago quarter. Its total revenue gained 3% to $578.2 million. However, analysts were projecting earnings of $0.41 per share on revenue of $584.3 million. Paychex shares gained 1.02% to $34.73 in the after-hours trading session.