As Management Services Accelerate, Paychex Boosts Guidance Again
Payroll and human resources leader Paychex's (NASDAQ: PAYX) swiftly expanding professional employer organization (PEO) services tend to capture investors' attention, and indeed, in the company's fiscal second-quarter 2020 report released Wednesday morning, PEO growth outpaced that of the rest of the business. However, Paychex's core management solutions services, which comprise about 73% of total company sales, displayed their own healthy acceleration this period, leading management to positively recast full-year earnings guidance for the second time in as many quarters. As we delve into details of the last three months, note that all comparative numbers that follow refer to the prior-year period.
Data source: Paychex.
Image source: Getty Images.
Source Fool.com
