Paychex CEO Departs, Earnings Rise

Oppenheimer has published a research report for Paychex, Inc. PAYX on the company's outlook and earnings. In the report, Oppenheimer writes "EPS for 1Q:FY11 rose +7% Y/Y to $0.36 ($0.02 above our/Street estimate); upside was driven by better than expected revenue ($9.5M above our estimate) and adjusted margins of 37.3% (vs. our 35.3% estimate). Results reflect one-time severance costs (amount not disclosed) related to the resignation of the prior CEO." Oppenheimer maintains its Perform rating for Paychex, Inc., which closed yesterday at $26.93.