Payroll and benefits outsourcing provider Paychex Inc. posted first-quarter profits of $148.1 million, a 2 percent dip from the year-ago period.
Systemwide revenue rose 5 percent to $534.1 million, versus the first quarter of last year, with the company's payroll services rising 5 percent to $378.5 million.
Meanwhile, operating income hit $221.6 million, a 5 percent spike compared to last year.
In other service lines, Paychex said its human resources services revenue for the first quarter rose 16 percent, to $131.4 million, while overall service revenues rose 7 percent to $510 million.
"Despite ongoing, weak economic conditions, we were again pleased to generate record levels of revenue and earnings per share for the first quarter," said Paychex president and chief executive Jonathan J. Judge. "We have been able to continue our practice of growing revenues at a faster rate than expenses."
