You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

market movers

Payroll firm’s results hit by costs, taxes

The payroll processor said expenses rose in the quarter as it spent more on developing new products.

Pat Greenhouse/Globe Staff/File

The payroll processor said expenses rose in the quarter as it spent more on developing new products.

Continue reading below

Rochester, N.Y.-based payroll processor Paychex Inc. said net income in the fourth quarter at 34 cents per share was nearly flat from a year earlier, despite higher sales, as costs and taxes took a bigger bite. Profit came to $123.5 million. Revenue rose 6 percent to $585.3 million, helped by price increases for the firm’s payroll and retirement services. Analysts expected 37 cents per share on revenue of $585.9 million. For the current year, Paychex expects income to rise to between $615 million and $620 million.

Loading comments...

Wake up with today's top stories.

Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
or
Please enter a valid email
BostonGlobe.com will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com