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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,
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,
has declined about 7%.
