Paychex Tops Q2 Consensus; Raises FY22 Outlook

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  • Paychex Inc PAYX reported second-quarter FY22 revenue growth of 13% year-on-year to $1.11 billion, beating the consensus of $1.06 billion. Total service revenue grew 13% Y/Y to $1.09 billion.
  • Segments: Management Solutions revenue grew 14% Y/Y to $832 million. PEO and Insurance Solutions' revenue rose 11% Y/Y to $262.4 million.
  • The operating margin expanded 370 bps to 39.7%.
  • Adjusted EPS of $0.91 beat the consensus of $0.80.
  • Paychex held $1.62 billion in cash and equivalents.
  • Outlook: Paychex raised the FY22 revenue outlook from $4.38 billion to $4.46 billion - $4.50 billion, above the consensus of $4.40 billion.
  • It also raised the adjusted EPS guidance from $3.41 - $3.47 to $3.59 - $3.65, above the consensus of $3.46.
  • Price Action: PAYX shares traded higher by 3.80% at $131.24 on the last check Wednesday.
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