Buoyed by double-digit revenue increases in its payroll, market services and human resources units, Paychex Inc. reported a 31 percent rise in first-quarter profits, to $115 million, versus the first quarter of one year ago.
Systemwide revenues for the payroll and benefits outsourcing provider, headquartered here, rose 17 percent to $403.7 million, compared with the year-ago results.
Paychex said that first-quarter payroll service revenue rose 10 percent, to roughly $309 million, while its revenue from its major market services and retirement services rose 28 percent and 17 percent, respectively.
"The first quarter was strong, as we have seen the highest check-volume growth we have experienced in recent years," said Paychex chief executive Jonathan Judge, in a statement. Judge estimated growth for fiscal 2006 to be in the 13 percent-to-15 percent range.
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