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Paychex (PAYX) Q1 Earnings: What To Expect

Published 04/01/2024, 03:01 AM
Updated 04/01/2024, 07:00 AM
Paychex (PAYX) Q1 Earnings: What To Expect

Payroll and human resources software provider, Paychex (NASDAQ:PAYX) will be reporting results tomorrow before the bell. Here's what to look for.

Last quarter Paychex reported revenues of $1.26 billion, up 5.7% year on year, missing analyst expectations by 0.7%. It was a weak quarter for the company, with a miss of analysts' revenue estimates.

Is Paychex buy or sell heading into the earnings? Find out by reading the original article on StockStory.

This quarter analysts are expecting Paychex's revenue to grow 5.5% year on year to $1.46 billion, slowing down from the 8.2% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.37 per share.

Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company only missed Wall St's revenue estimates once over the last two years, and has on average exceeded top line expectations by 2%.

With Paychex being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for finance and HR software stocks, but investors in the segment have had steady hands going into the earnings, with the stocks down on average 1.7% over the last month. Paychex is up 0.5% during the same time, and is heading into the earnings with analyst price target of $121.2, compared to share price of $123.

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