Paychex earnings for the company’s fiscal third quarter of 2019 has PAYX stock down on Wednesday.
Paychex (NASDAQ:PAYX) reported earnings per share of 89 cents for its fiscal third quarter of the year. This is an increase over the company’s earnings per share of 63 cents from the same time last year. It also just beat out Wall Street’s earnings per share estimate of 88 cents for the quarter, but couldn’t keep PAYX stock from falling today.
Net income reported in the Paychex earnings release for its fiscal third quarter of 2019 comes in at $324.60 million. This is a drop from the company’s net income of $367.20 million reported in the same period of the year prior.
The Paychex earnings report for its fiscal third quarter of the year also includes operating income of $429.30 million. The company’s operating income from its fiscal third quarter of 2018 was $369.00 million.
The most recent Paychex earnings report also has revenue for the quarter coming in at $1.07 billion. This is better than the company’s revenue of $936.10 million reported in its fiscal third quarter of the previous year. It also matches analysts’ revenue estimate for the period.
All this sounds good. So why is Paychex stock down on Wednesday? It likely has to do with its revenue outlook for the full year of 2019. This has it expecting revenue to increase 6% to 7% for the year. Unfortunately for PAYX stock, Wall Street is expecting revenue to increase by roughly 11% to $3.74 billion.
PAYX stock was down 2% as of Wednesday morning.
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As of this writing, William White did not hold a position in any of the aforementioned securities.