Paychex Posts Higher Sales & Profits
A local payroll company often seen as a bellwether for the U.S. economy is reporting an increase in profits and sales for its latest quarter.
Paychex saw a seven percent increase in profits, earning about $159 million in the quarter, and sales were also up seven percent. Both of those measurements beat Wall Street expectations.
Chief Financial Officer Efrain Rivera says the increase was due not so much to the economy, but generally because of good sales execution. However he is heartened by the fact that the latest statement from the Federal Reserve indicates the Fed does see some improvement in the economy.
"It's absolutely a positive, I think that increases for our business the good sentiment for small and medium sized businesses and it gives them greater confidence to invest in the future. "
Rivera says Paychex saw a modest uptick in the business environment across the country for their clients in the latest quarter.