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Paychex (PAYX) 2021 Q3 Earnings Preview
Back in the 1970s, there was no notable firm providing payroll accounting services to smaller businesses. Former sales manager at Electronic Accounting Systems, Thomas Golisano saw this gap as a huge opportunity. In 1971, Golisano founded Paymaster that was later renamed Paychex Inc. (NASDAQ:PAYX). The company started offering payroll services to small and medium-size enterprises. Today, it is a leading provider of HR, payroll, and benefit outsourcing services in the U.S.
Paychex recently announced its financial results for the third quarter. It reported earnings of $350.5 million, or 97 cents per share for the three months ended February 28, marginally down from $354.5 million, or 98 cents per share in the comparable period of 2020. Excluding certain items, adjusted earnings of 96 cents per share were above the consensus forecast of 92 cents per share.
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