Paychex, Inc. (NASDAQ: PAYX) enjoyed stock success Monday, after reporting a profit for its third quarter that climbed from last year.
The company said its bottom line totaled $227.5 million, or $0.63 per share, or higher than $199.3 million, or $0.55 per share, in last year's third quarter.
Analysts had expected the company to earn $0.63 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
The company said revenue for the quarter rose 8.9% to $866.5 million. This was up from $795.8 million last year.
For fiscal 2018, Paychex now forecasts revenue to grow about 7%, net income to increase about 13%, and adjusted net income to increase approximately 15%
The company also projects full-year earnings per share to increase in the range of 13% to 14%, and adjusted earnings per share to increase in the range of 15-16%
Earlier, Paychex projected adjusted net income to increase about 7% adjusted earnings per share to increase in the range of 7% to 8%, and total revenue to grow approximately 6%
On average, analysts polled by Thomson Reuters expect the company to earn $2.48 per share for the year on revenues of $3.36 billion.
Paychex shares jumped $2.48, or 4%, to $64.21
