Citing solid growth in its proprietary payroll, benefits and human resources product lines, Paychex Inc. posted a 15 percent rise in third quarter earnings, to $92.8 million, versus the third quarter of last year. Company-wide revenue for the third quarter rose just over 9 percent, to about $380 million, versus the year-ago quarter. Paychex said that payroll, the company's largest unit, was boosted by organic client growth, higher use of ancillary services and an increase in prices. For the nine-month period, earnings rose 11 percent, to $267.4 million, while system revenues hit roughly $1.1 billion, an 11 percent jump. Payroll service revenue increased 8 percent for the third quarter and 9 percent for the previous nine months, to $292 million and $851 million, respectively. Human resource and benefits service revenues increased 13 percent for the third quarter and 24 percent for the previous nine months, to $65.1 million and $175.2 million, respectively.
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