Paychex Inc. (NASD: PAYX) revenue rose 9% in its fiscal first quarter ended Aug. 31; that’s consistent with its year-over-year revenue growth of 9% in its fiscal fourth quarter. The Rochester, NY-based firm, which provides payroll processing, professional employer organization services and other services, reported net income rose 4% in the fiscal first quarter.

The company reports PEO revenue in its “human resource services” division, where first-quarter revenue rose 15%. In the fourth quarter, the division had posted year-over-year revenue growth of 14%.

Strong demand for Paychex’s PEO and administrative services organization offerings drove growth in the division during the first quarter, according to the company. It reported double-digit growth in the number of client worksite employees on a year-over-year basis.

Quote

“We are off to a solid start in fiscal 2017, and we experienced growth across all of our major human capital management product lines,” said President and CEO Martin Mucci. “Last December, we acquired Advance Partners, which provides a portfolio of services to the temporary staffing industry, and we are encouraged with its contribution to our results.”

Guidance

Payroll service revenue is anticipated to increase in the range of 3% to 4% for the fiscal year ending May 2017. Human resource services revenue is expected to increase in the range of 12% to 14%.

Share price and market cap

Shares in Paychex fell 4.01% in late morning trading to $57.85. The company had a market cap of $20.93 billion, according to Yahoo.