Paychex Inc. Q3 Profit Increases, beats estimates

Paychex Inc. (PAYX) released earnings for its third quarter that increased from last year and beat the Street estimates.

The company’s earnings totaled $467.4 million, or $1.29 per share. This compares with $430.7 million, or $1.19 per share, in last year’s third quarter.

Excluding items, Paychex Inc. reported adjusted earnings of $466.7 million or $1.29 per share for the period.

Analysts on average had expected the company to earn $1.24 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 7.8% to $1.38 billion from $1.28 billion last year.

Paychex Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $467.4 Mln. vs. $430.7 Mln. last year.
-EPS (Q3): $1.29 vs. $1.19 last year.
-Analyst Estimate: $1.24
-Revenue (Q3): $1.38 Bln vs. $1.28 Bln last year.

UniFirst Q2 Profit Down; Cuts FY EPS Outlook – Quick Facts

UniFirst Corp. (UNF) reported that its net income for the second quarter ended February 25, 2023 declined to $17.81 million from last year’s $18.45 million, with earnings per share decreasing to $0.95 from $0.97 in the prior year.

But revenues for the quarter rose to $542.69 million from $486.70 million in the prior year.

Analysts polled by Thomson Reuters expected the company to report revenues of $531.67 million for the second-quarter. Analysts’ estimates typically exclude special items.

Looking ahead for fiscal year 2023, the company now expects earnings per share to be between $5.02 and $5.37 compared to the prior outlook of $5.50 – $5.90. Analysts expect annual earnings of $7.55 per share.

The company now expects annual revenues to be in the range of $2.210 billion – $2.220 billion, compared to the prior estimation of $2.145 billion – $2.160 billion. Wall Street analysts have a consensus revenue estimate of $2.16 billion.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Cintas Boosts FY23 Outlook – Update

While reporting financial results for the third quarter on Thursday, Cintas Corp. (CTAS) raised its earnings and revenue guidance for the full-year 2023.

For fiscal 2023, the company now projects earnings in a range of $12.70 to $12.90 per share on revenues between $8.74 billion and $8.80 billion.

Previously, the company expected earnings in the range of $12.50 to $12.80 per share on revenues between $8.67 billion and $8.75 billion.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $12.73 per share on revenues of $8.73 billion for the year. Analysts’ estimates typically exclude special items.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Watch: Axios What's Next Summit

Axios' all-day What's Next Summit is live. Check out our agenda, and livestream the interviews.

Driving the news: Speakers include music producer Timbaland, Sen. Mark Kelly (D-Ariz.), United Airlines CEO Scott Kirby and more on the issues and innovations shaping our future.

European Economic News Preview: Germany GfK Consumer Confidence Due

Consumer sentiment survey results from Germany and France are due on Wednesday, headlining a light day for the European economic news.

At 2.00 am ET, Germany’s market research group GfK is scheduled to issue consumer confidence survey results for April. The consumer sentiment index is forecast to rise to -29.2 from -30.5 in March.

In the meantime, retail sales figures are due from Norway and Sweden.

At 2.45 am ET, France’s statistical office Insee publishes consumer sentiment survey results for March. The consumer sentiment index is seen improving to 81 from 82 in February.

At 3.00 am ET, consumer and business sentiment survey data is due from Sweden.

At 4.00 am ET, S&P Global publishes Austria’s manufacturing Purchasing Managers’ survey data for March.

Half an hour later, the Bank of England is set to issue mortgage approvals data for February. The number of mortgages approved in February is seen at 40,500 compared to 39,637 in January.

At 8.30 am ET, the Czech National Bank is scheduled to announce its monetary policy decision. Economists expect the bank to hold its key interest rate at 7.00 percent.

ProQR Therapeutics Tanks 33%

Shares of ProQR Therapeutics N.V. (PRQR) are tanking over 33% on Wednesday morning after the company announced initial pipeline targets focused on diseases that originate in the liver.

PRQR is currently trading at $2.3991, down $1.1809 or 32.9860%, on the Nasdaq. The stock opened its trading at $3.2100 after closing Tuesday’s trading at $3.5800. The stock has traded between $0.5300 and $3.8500 in the past 52-week period.

ProQR announced AX-0810 for Cholestatic Diseases targeting NTCP and AX-1412 for Cardiovascular Disease targeting B4GALT1 as initial pipeline programs. These programs share several key characteristics including a deep rooting in human genetics, the potential to have a major impact in indications with high unmet medical need, the ability to leverage the existing proven delivery technology to the liver, the opportunity to monitor early biomarkers to establish target engagement in Phase I trials for human proof of concept, and the availability of well-defined clinical endpoints.

DATA Communications Gets No-Objection To Buy Canadian Operations Of RRD

DATA Communications Management Corporation (DCM), a provider of marketing and business communication solutions, said on Wednesday that it has received “no-action letter” from Canadian market regulator to buy Canadian operations of R.R. Donnelley & Sons Company (RRD).

Canadian Competition Bureau’s letter is a confirmation that the regulator does not intend to challenge the proposed acquisition, which is expected to be closed in the second quarter.

On February 22, DATA Communications had announced that it had inked a share purchase deal to buy the Canadian operations of R.R. Donnelley & Sons, for a total price of C$123 million in cash.