5.9k Share this

Shares of Paycom Software Inc. were up 7% in after-hours trading Tuesday after the maker of payroll and human-resources software topped expectations with its latest financial results and boosted its outlook for the full year.

The company posted first-quarter net income of $91.9 million, or $1.58 a share, up from $64.6 million, or $1.11 a share, in the year-earlier quarter. On an adjusted basis, Paycom PAYC, -1.46% earned $1.90 a share, up from $1.47 a year prior and ahead of the FactSet consensus, which was for $1.75 a share.

Revenue increased to $353.5 million from $272.2 million, while analysts had been expecting $343.1 million.

“Employee usage continues to drive our very strong revenue growth,” Chief Executive Chad Richison said in a release. “Our go-to-market strategy and our messaging around easy-to-use, self-service solutions and automation are resonating.”

For the June quarter, Paycom expects revenue of $308 million to $310 million, as well as adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) of $111 million to $113 million.

Analysts surveyed by FactSet were anticipating $301 million in revenue and $110 million in adjusted Ebitda.

The company also increased its full-year forecasts. It now anticipates $1.333 billion to $1.335 billion in revenue for 2022, along with $533 million to $535 million in adjusted Ebitda. Paycom’s prior forecast, issued alongside its December-quarter report, called for $1.314 billion to $1.316 million in revenue and $524 million to $526 million in adjusted Ebitda.

Shares of Paycom have lost 8% over the past three months as the S&P 500 SPX, +0.48% has declined about 7%.

Source: This post first appeared on http://marketwatch.com/

5.9k Share this
You May Also Like

Nascar Looking To Build New State Of The Art Facility For Its Productions Group

CHARLOTTE, NC – JANUARY 25: A general view of the Nascar Hall…

When (Why) Bad News IS Good News

Consumer Price Index Year over Year Percentage Universal Value Advisors It was…

Emirates to accept BTC payments and launch NFT collectibles

Emirates, the largest airline in the United Arab Emirates (UAE), announced that…

Royal Mail results will show if Covid pandemic boom is here to stay

Royal Mail faces major test when it reveals if boom in business…

4 Great Ways To Grow Your Career Even When You Work Remote

It’s possible to grow your career, even if you work remote. getty…

Gen Z Set To Lead Retailers Into The Metaverse

Bangkok, Thailand – October 29, 2021: Meta logo is shown on a…

Inflation Is Headed Lower—but Maybe Not Low Enough

The bad news is that in April, for the second month in…

Bette Midler Tweets ‘Try Breastfeeding, It’s Free,’ Amidst Baby Formula Shortage, Here’s The Reaction

On May 12, singer and actress Bette Midler tweeted, “TRY BREASTFEEEDING! It’s…