FINANCIALS: US TrueBlue sees slower pace of demand

US blue-collar recruiter TrueBlue has posted a 4% decrease in revenue year-on-year, according to Q2 2019 results.

The results, released late yesterday, reveal Q2 revenue of $589m (£484.1m) down from $614m in the second quarter of 2018. However, the group also reported net income per diluted share of $0.49, up 11% on Q2 2018, and adjusted net income per diluted share of $0.64, up 12% on the second quarter of 2018.

“We experienced a slower pace of demand this quarter, attributable to lower volumes within the businesses of our clients,” said Patrick Beharelle, CEO of TrueBlue. 

“I’m pleased that we were able to effectively manage costs, resulting in net income and EPS growth, while making progress on our digital growth initiatives.

“The second quarter also marks the five-year anniversary of our acquisition of Seaton and the one-year anniversary of our acquisition of TMP Holdings. The Seaton acquisition transformed the company into a diversified workforce solutions company and provided entry into the RPO market that now represents 30% of the company’s segment profit.

“The TMP acquisition bolstered our global RPO growth strategy, providing entry into the UK and accelerating our ability to compete for multi-continent deals.”

TrueBlue estimates Q3 2019 revenue will range from $613m to $638m with net income per diluted share ranging from $0.50 to $0.60 and adjusted net income per diluted share ranging from $0.61 to $0.71.

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