FINANCIALS: US TrueBlue reports slight drop in revenue

TrueBlue has reported a marginal decrease in year-on-year revenue for the third quarter of 2017.

Results published today reveal the US blue-collar recruiter posted revenue of $661m (£500.6m), down from $697m in the same quarter of last year.

Net income per diluted share was $0.51 compared to $0.56 in Q3 2016, with adjusted net income per diluted share of $0.60 compared to $0.72 in the fiscal third quarter of 2016.

But TrueBlue CEO Steve Cooper said he was encouraged by the results, adding the group had seen improving revenue trends across all of its segments and double-digit growth in its PeopleScout business. 

“These trends combined with the continued progress of our digital strategy position us well for future revenue growth. We are committed to driving higher shareholder returns through organic revenue growth strategies and share repurchases.”

The company also announced its board of directors has authorised a $100m stock repurchase programme. 

“The company is producing strong cashflow and the balance sheet is in great shape,” TrueBlue CFO Derrek Gafford said. “The new share authorisation demonstrates our desire to return more cash to shareholders and our confidence in the long-term outlook for our business.”

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