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Paychex Sales Rise 16 Percent 

Paychex reported a strong start to fiscal 2022 with a 39.4-percent increase in net income of a 16-percent rise in revenue for the first quarter ended August 31. With expenses dropping by 1 percent, net income rose to $326.9 million for the most recently ended quarter from $234.6 million a year ago.

Revenue reached $1.08 billion, up from $982.2 million in last year’s corresponding period. Management Solutions, which includes payroll, had $805.4 million in revenue, an increase of 17.2 percent from $687.4 million a year ago.

In this week’s earnings webcast, CEO Martin Mucci said the results were above the company’s expectations and pointed to “continued momentum in sales, marketing, and client retention.

 CFO Efrain Rivera said Paychex does not anticipate a significant change in employment levels during the second quarter and noted, “We simply are at a point where we had in the first quarter a nice rebound in terms of the number of employees on the payroll.”

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