FINANCIALS: US recruiter TrueBlue reports dip in revenue

US blue collar recruiter TrueBlue has reported a slight decrease in revenue for Q1 2019.

The group’s Q1 2019 results reveal revenue of $552m (£425.4m), marginally down on revenue reported for the first quarter of 2018 ($554m). Net income per diluted share was $0.21, a decrease of 5%, compared to $0.22 in Q1 2018.

Elaborating on the group’s performance, CEO Patrick Beharelle said: “Our revenue trend improved from the prior quarter despite challenging weather conditions, and bottom line results exceeded our expectation.

“PeopleReady delivered its fourth consecutive quarter of revenue growth and our focus on reducing cost of services produced our 13th consecutive quarter of consolidated gross margin expansion.

“We see a favourable market for human capital services and are pleased with both the progress and opportunity associated with our strategies. 

“Our JobStack and Affinix technologies are leading our business into a digital future. JobStack dispatches continue to increase and we are accelerating our deployment of Affinix. We remain focused on organic growth, disciplined cost management and returning capital to shareholders.”

The group estimates revenue for Q2 2019 will range from $606m to $623m with net income per diluted share ranging from $0.39 to $0.46.

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