Paychex had a strong quarter on the bottom line with net income rising 18 percent for the fourth quarter ended May 31. Earnings for fiscal 2014 increased by 10 percent. Revenue rose by 6 percent for both the quarter and year. Key metrics in the company's payroll business rose while revenue from its human resource products and service went up by double digits.In a recent earnings webcast, CEO Martin Mucci said the company had best year ever in client retention.
Fourth-quarter net income was $145.9 million, up from $123.5 million in last year's corresponding period. Net income for the most recently ended year was $6275 million, compared to $569 million for fiscal 2013. Revenue for the most recently ended quarter was $639 million, up from $585.3 million. Fiscal 2014 revenue was $2.52 billion, up from $2.33 billion in 2013.
The big mover, human services revenue, hit $234.3 million in the fourth quarter, a rise of 22 percent from $192.7 percent from a year earlier. Payroll revenue rose by 3 percent for the quarter and 4 percent for the year.
