Payroll Services Company Paychex' Q1: 7% Topline Growth, EPS Beat & More
Portfolio Pulse from Shivani Kumaresan
Paychex Inc reported Q1 FY24 sales growth of 7% YoY to $1.286 billion, slightly missing the analyst consensus estimate of $1.29 billion. Adjusted EPS of $1.14 beat the analyst consensus estimate of $1.12. The company revised its FY24 adjusted EPS growth outlook from 9%-10% to 9%-11%. PAYX shares are trading lower by 0.34% at $112.34.
September 27, 2023 | 1:39 pm
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Paychex reported a 7% YoY sales growth and an EPS beat in Q1 FY24, but slightly missed revenue estimates. The company also revised its FY24 EPS growth outlook upwards.
Paychex's Q1 FY24 results showed strong performance with a 7% YoY sales growth and an EPS beat, indicating a healthy financial state. However, the slight miss on revenue estimates might have caused some investor concern, leading to a slight drop in the stock price. The upward revision of the FY24 EPS growth outlook could potentially offset this negative sentiment in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100