Payroll and benefits outsourcing provider Paychex reported that third quarter profits rose 17 percent to $130.6 million, on a 5 percent rise in total service revenue to $520 million for the period ended February 28.
The company said that its core payroll revenues rose 2 percent to $366.4 million, while human resources revenue spiked 13 percent to $150.3 million.
“We are pleased that the favorable results we saw during the first half of the fiscal year have continued during our third quarter," said Paychex president and chief executive Martin Mucci. "Checks per client have continued to improve, and we experienced double-digit growth in our clients¹ calendar year-end bonus activity compared to last year."
During the third quarter, Paychex also closed on its $115 million acquisition of online payroll provider SurePayroll.
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