FINANCIALS: Kelly Services sees fall in revenue but rise in operating earnings
Kelly Services has seen revenue fall but operating earnings increase, according to results for Q1 2017.
The results, published yesterday, reveal revenue over the quarter of $1.3bn (£1.01bn), down 4.4% on Q1 2016, which the global workforce solutions provider attributes to the transfer of Asia-Pacific staffing operations to the TS Kelly Asia Pacific joint venture at the start of Q3 2016.
However, the group posted Q1 2017 earnings from operations of $16.4m, up from $14.7m in Q1 2016. Q1 2017 earnings include restructuring charges of $2.4m. Excluding these charges and excluding the APAC staffing operations from 2016, earnings from operations were $18.8m and $10.2m, respectively.
Commenting on the results, Kelly’s new president and CEO George S Corona pointed to a “strong” start to the year, adding he was pleased with the group's performance.
“We returned to top-line growth, delivered healthy operating earnings in each of our segments, and provided solid returns for our shareholders.”
Corona added: “Our operating structures are now fully aligned with how companies are choosing to access talent, and confirm our strategic approach to delivering accelerated growth.”
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