Spurred by a double-digit rise in payroll division revenues, payroll and benefits outsourcing provider Paychex Inc. posted a 23 percent rise in third-quarter profits, to $114.5 million, versus the year-ago quarter for the period ending February 28.
The company, headquartered in Rochester, N.Y., said that system-wide revenues rose 15 percent, to $430.6 million, compared to the same period of one year ago.
Within its major operating divisions, Paychex reported that over the third quarter its payroll services revenue rose 10 percent, to $320 million, while revenue for its human resources unit spiked 24 percent, to $81.9 million.
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