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Paychex Inc. (NASD: PAYX), a payroll processing and PEO firm, reported total revenue rose 4.2 percent to $593.3 million in its third fiscal quarter ended Feb. 28 from $569.5 million in the same period last year.
Third-quarter revenue at the Rochester, N.Y.-based company’s human resources services division — which includes professional employer organization services revenue as well as other revenue — rose 9.7 percent on a year-over-year basis to $188.7 million.
Fewer PEO client employees on average tempered revenue growth in the human resources services division. However, both new sales and client retention in the PEO improved during the company’s peak selling season.
Paychex’s third-quarter net income rose 6.7 percent to $144.5 million.