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Paychex began fiscal 2018 with what CEO Martin Mucci called a "solid" start. For its first quarter ended August 31, the payroll services company reported net income of $227.8 million, a 5-percent increase from $217.4 million in last year's corresponding period.

Revenue rose 4 percent to $816.8 million in the most recently ended quarter from $785.5 million a year ago.

During this week's earnings webcast, executive said payroll growth stemmed from an increase in pay per  check, driven by price increase