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Paychex Revenues Top Wall Street Estimates

Paychex is reporting earnings that met Wall Street expectations, and sales that topped the analysts’ estimates.

The Rochester based company  saw $180 million in net profits for its latest quarter, up seven percent from a year ago. Revenues were also up seven percent.

The company’s CEO Marty Mucci  says there were a couple of factors behind the stronger sales.

“I think, one, small business hiring is back and so small businesses are doing a little bit better, new business starts are up as well. And I think we’re being effective, we’ve got great technology and a great service model now that is really appealing particularly to the mid-market now as that’s taken off,” Mucci told WXXI News.

Mucci says some of that sales increase is also due to small and medium sized businesses who are buying additional human resource services to deal with the complexities in regulations, including overtime and the Affordable Care Act.

Randy Gorbman is WXXI's director of news and public affairs. Randy manages the day-to-day operations of WXXI News on radio, television, and online.