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Last year’s acquisition of HR OutSource Holdings boosted the results for Paychex’s third quarter ended February 28. During this week’s earnings webcast. The payroll services company said revenue rose by 9 percent over the year-ago quarter with the acquired company contributing 3 percent to the total.
Meanwhile, CEO Martin Mucci said the company will continue international expansion, following on the quarter’s purchase of Denmark-based Lessor Group, which provides HR services.
Paychex reported net income of $260.4 million for the most recently ended period, a 29-percent increase from $202.5 million the prior year. Revenue reached $866.5 million, compared to $795.8 million in last year’s corresponding period. The factor in the rise in net earnings was one-time benefits from the Tax Cuts and Jobs Act. Tax expense dropped 67percent to $34.4 million from $105.3 million.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
Last year’s acquisition of HR OutSource Holdings boosted the results for 
