Paychex, Inc. Reports First Quarter Results

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Go back to Paychex, Inc. Reports First Quarter Results

Paychex (PAYX) Tops Q1 EPS by 8c, Offers Outlook

October 6, 2020 8:31 AM EDT

Paychex (NASDAQ: PAYX) reported Q1 EPS of $0.63, $0.08 better than the analyst estimate of $0.55. Revenue for the quarter came in at $932.2 million versus the consensus estimate of $893.6 million.

Outlook

Our outlook for the fiscal year ending May 31, 2021 (fiscal 2021) incorporates anticipated impacts resulting from the COVID-19 pandemic based on current assumptions and market conditions. As this situation continues, future developments could alter our guidance. During the first quarter, we recognized one-time costs of $31.2 million related to the acceleration of cost-saving initiatives, including the long-term strategy to reduce our geographic... More