Paychex rises on Q1 earnings

Payroll, human resources and employee benefit outsourcing firm Paychex (PAYX) Q1 EPS rose 7% to 47 cents, a penny above estimates. Revenue grew 10% to $666.8 mil, ahead of forecasts for $662.3 mil. Paychex affirmed guidance for full-year EPS growth of 6%-8% and revenue growth of 8%-10%. Consensus of analysts polled by Thomson Reuters was for 7.6% EPS growth on an 8% increase in revenue. In June, Paychex acquired cloud-based time and attendance company Nettime Solutions. Shares rose 3.5% to 43.88.