Paychex Inc. (NASD: PAYX) revenue rose 10% in its “Human Resource Services” division, which includes its PEO operations, during the company’s fiscal fourth quarter ended May 31. Looking ahead, the Rochester, N.Y.-based firm forecast revenue from the division would increase 8% to 10% in the first quarter.

Human Resource Services' revenue growth was  driven primarily “by increases in our client base across all major HCM services, including: comprehensive outsourcing services [PEO and ASO], retirement services, time and attendance, and human resource,” according to the company.

Revenue in Paychex’s Payroll Services division, which provides payroll processing and other services, rose 2%.

The company also owns Advance Partners, a provider of funding and other services to the staffing industry, which it acquired in December 2015. Advance Partners contributed 1% to revenue growth in both the Human Resource Services and Payroll Services divisions.

Total revenue rose 6%. However, MarketWatch reported shares fell as guidance lagged estimates.

Paychex also announced it recently received certification under the Small Business Efficiency Act.

Full-year results

Guidance

Payroll service revenue is anticipated to increase in the range of 1% to 2% for the fiscal year ending May 31, 2018. Human Resource Services revenue is anticipated to increase in the range of 8% to 10%. Total revenue, including interest on funds held for clients, is expected to increase approximately 5%.

Share price and market cap

Shares in Paychex fell 1.83% in late morning trading to $57.55. The company had a market cap of $20.67 billion, according to Yahoo.