Why Paychex Stock Popped on Wednesday
Investors may have already forgotten the guidance Paychex gave them back in June.
Shares of payroll and human resources support company Paychex (NASDAQ: PAYX) rose 4.6% through 11:15 a.m. ET despite it turning in only a mixed earnings report this morning.
Expected to earn $1.48 per share on sales of $1.51 billion, Paychex reported $1.49 per share (adjusted for one-time items) on sales of $1.5 billion, beating narrowly on earnings, and missing even more narrowly on sales.
Paychex sales grew 5% year over year in Q3, but adjusted earnings per share grew a better than expected 8%. Earnings as calculated according to generally accepted accounting principles (GAAP), however, grew more slowly than the non-GAAP number, rising only 4% to $1.43 per share.
