Professional employer organization Insperity Inc. (NYSE: NSP) reported third-quarter revenue rose 16.3%. The company reported growth was driven by a 15% increase in the average number of worksite employees paid per month.

An acceleration of worksite employee growth throughout 2018 has been the result of increased new client sales in both core and midmarket client segments, client retention and improved net hiring of worksite employees by clients, according to the company.

Quote

“Our refined business model is continuing to generate outstanding growth and profitability as demonstrated by the recent quarter and year-to-date results,” Chairman and CEO Paul Sarvadi said. “We are in an excellent position to continue double-digit growth and profitability as we look forward to 2019.”

Guidance

Insperity now expects the average number of worksite employees paid per month to increase 16.0% to 17.0% year over year in the fourth quarter; it expects the increase to be 14.0% to 14.5% for the full year 2018.

Share price and market cap

Shares in Insperity were down 2.32% to $107.31 at 10:17 a.m. Pacific time; the company had a market cap of $4.61 billion, according to FT.com.