Paychex Beats First-Quarter Expectations Despite Covid-19 Hit

Paychex  (PAYX) – Get Report said Tuesday first-quarter results took a hit from the coronavirus pandemic but the payroll benefits manager still beat Wall Street’s expectations 

Shares of the Rochester, New York-based company were falling 2.4% to $79.57.

Paychex reported net income of $211.6 million, or 59 cents a share, down from $264.2 million, or 73 cents a share, a year ago. Adjusted earnings came to 63 cents, beating FactSet’s consensus forecast of 55 cents. 

Revenue slipped 6% to $932.2 million, ahead of FactSet’s call for $895.4 million. 

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