Paychex Q1 Profit Increases, Beats Estimates; Ups FY23 Earnings View

BTRS Holdings To Be Taken Private By EQT Private Equity In $1.7 Bln All-cash Deal

BTRS Holdings Inc. (BTRS), a B2B accounts receivable automation and integrated payments leader, announced that it has entered into a definitive agreement to be acquired by EQT X fund, part of EQT Private Equity, in an all-cash transaction valuing BTRS’s equity at approximately $1.7 billion.

Under the terms of the agreement, BTRS shareholders will receive $9.50 per share in cash upon the closing of the transaction. The price per share represents more than a 64 percent premium above the closing share price of $5.77 on September 27, 2022.

The transaction, which was approved by the BTRS Board of Directors, is expected to close in the first quarter of 2023, subject to customary closing conditions, including approval by Billtrust shareholders and receipt of applicable regulatory approval.

Upon completion of the transaction, Billtrust’s shares will no longer trade on the NASDAQ, and Billtrust will become a private company.

Apple Down 3% Following Reports Of Less Demand For IPhone 14

Shares of IPhone maker Apple Inc. (AAPL) are down 3 percent on Wednesday continuing their downward trend since the past few days. Wednesday’s decline can be attributed to reports that the company is backing off plans to increase production of its new iPhones this year as there is lesser demand for the new version.

Currently at $146.92, the stock has traded between $129.04 and $182.94 during the past 52 weeks.

Global Markets Wobble as Britain Intervenes to Restore Order

The S&P 500 rose at the beginning of trading after six consecutive days of trading, the longest streak since the beginning of the pandemic.

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This Subway Sandwich Is Sanctioned by the M.T.A.

A collaboration between Alidoro and Katz’s Delicatessen; Marcella Hazan’s classic cookbook gets an update; and more.

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By Florence Fabricant

VF Corp. Revises FY23 Outlook Due To Lower-than-expected Q2 Results

VF Corp. (VFC) said its second quarter revenue is expected to be up low single digit percentage in constant dollars and adjusted EPS is expected to be in the range of $0.70 to $0.75. Also, the company expects to record a non-cash charge during second quarter in the range of $300 million to $450 million.

The company also revised its fiscal 2023 outlook due to lower-than-expected second quarter results, coupled with ongoing uncertainty in the current environment, weaker
than anticipated back-to-school performance at Vans and increasing inventories leading to a more promotional environment in North America in the fall: Adjusted EPS is now expected to be in the range of $2.60 to $2.70, compared to previous outlook of $3.05 to $3.15. Adjusted cash flow from operations is projected to be approximately $1.0 billion versus previous outlook of approximately $1.2 billion.

The company expects revenue through fiscal 2027 to grow at a five-year CAGR of mid- to
high single digit percent in constant dollars. EPS is expected to grow at a five-year CAGR of high-single to low double-digit percentage in constant dollars, versus fiscal 2022 adjusted EPS of $3.18.

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BioAffinity Technologies Stock Surges 60% As It Receives $7.7 Mln From Exercise Of Warrants

Shares of bioAffinity Technologies, Inc. (BIAF) are surging over 60% on Wednesday morning after the company received additional $7.7 million from exercise of warrants.

BIAF is currently trading at $3.4050, up $1.2850 or 60.6132%, on the Nasdaq, on a volume of 40.3 million shares, above average volume of 5.8 million. The stock opened its trading at $3.60 after closing Tuesday’s trading at $2.12. The stock has traded between $2.0210 and $15.5500 in the past 52-week period.

bioAffinity Technologies announced receipt of about $7.7 million in additional proceeds from the exercise of tradeable and non-tradable warrants issued in the company’s September 6, 2022, public offering of securities.

The company intends to use the proceeds to expand existing operations and the commercialization of CyPath Lung, a noninvasive test for the early detection of lung cancer.

Proceeds may also be used in the company’s pursuit of regulatory approvals and research and development of additional diagnostics, cancer therapeutics, and for working capital and general corporate purposes.

Alpha Metallurgical Resources’ Uptrend Continues

Shares of Alpha Metallurgical Resources, Inc. (AMR) are continuing a bullish trend on Wednesday morning trade. Mining stocks have been gaining on improved demand.

Currently, shares are at $133.24, up 7.03 percent from the previous close of $124.48 on a volume of 181,708.

Paychex Q1 Profit Increases, Beats Estimates; Ups FY23 Earnings View

(Adds Outlook)

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

The company’s bottom line totaled $379.2 million, or $1.05 per share. This compares with $333.6M, or $0.92 per share, in last year’s first quarter.

Excluding items, Paychex Inc. reported adjusted earnings of $371.9M or $1.03 per share for the period.

Analysts on average had expected the company to earn $0.97 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 11.5% to $1.206 billion from $1.082 billion last year.


Looking ahead, for the fiscal 2023, the company now expects its adjusted EPS growth to be in the range 11 percent to 12 percent against its previous guidance of 9 percent to 10 percent.

Analysts, on average, expect the HR technology provider to post EPS of $4.14.

For the full year, the firm also reiterated revenue growth outlook of 7 percent to 8 percent. Analysts, on average, expect the technology firm to register sales of $4.97 billion. For the fiscal 2022, Paychex had recorded total revenue of $4.611 billion.

Paychex Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $379.2 Mln. vs. $333.6M. last year.
-EPS (Q1): $1.05 vs. $0.92 last year.
-Analyst Estimate: $0.97
-Revenue (Q1): $1.206 Bln vs. $1.082 Bln last year.