Stock Monitor: Kelly Services Post Earnings Reporting
LONDON, UK / ACCESSWIRE / December 05, 2017 / Active-Investors free earnings report on TrueBlue, Inc. (NYSE: TBI) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=TBI. The Company posted its financial results on October 30, 2017, for the third quarter fiscal 2017. The staffing Company's PeopleScout segment's revenue increased 10% on a y-o-y basis. Register today and get free access to our complimentary member's area where many more reports are available:
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Earnings Highlights and Summary
For three months ended October 01, 2017, TrueBlue's revenues decreased 5.2% to $660.78 million from $697.10 million in Q3 FY16.
During Q3 FY17, TrueBlue's gross profit decreased 36% to $172.02 million from $178.40 million in the same period last year. For the reported quarter, the Company's gross margin increased 40 basis points to 26% of revenue from 25.6% of revenue in Q3 FY16.
During Q3 FY17, TrueBlue's EBITDA increased 2.6% to $40.47 million from $39.44 million in the same period last year. For the reported quarter, the Company's adjusted EBITDA decreased 17.6% to $40.65 million from $49.31 million in Q3 FY16. During Q3 FY17, the Company's adjusted EBITDA margin decreased 90 basis points to 6.2% of revenue from 7.1% of revenue in the same period last year.
During Q3 FY17, TrueBlue's operating income increased 5.5% to $29.28 million from $27.75 million in the same period last year. During Q3 FY17, the Company's operating margin increased 40 basis points to 4.4% of revenue from 4.0% of revenue in the same period last year.
For the reported quarter, TrueBlue's net income decreased 9.4% to $21.22 million from $23.43 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS decreased 8.9% to $0.51 from $0.56 in the same period last year. For the reported quarter, the Company's adjusted net income decreased 19.6% to $24.78 million from $30.84 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS decreased 16.7% to $0.60 from $0.72 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.58.
TrueBlue's Segment Details
PeopleReady - During Q3 FY17, PeopleReady segment's revenue decreased 4.8% to $415.0 million from $435.78 million in the same period last year. For the reported quarter, the segment's adjusted EBITDA decreased 29.5% to $28.75 million from $40.79 million in Q3 FY16.
PeopleManagement - During Q3 FY17, PeopleManagement segment's revenue decreased 9.2% to $196.84 million from $216.83 million in the same period last year. For the reported quarter, the segment's adjusted EBITDA increased 31.2% to $6.94 million from $5.29 million in Q3 FY16.
PeopleScout - During Q3 FY17, PeopleScout segment's revenue increased 10% to $48.95 million from $44.48 million in the same period last year. For the reported quarter, the segment's adjusted EBITDA increased 23% to $10.28 million from $8.36 million in Q3 FY16.
As on October 01, 2017, TrueBlue's cash and cash equivalents increased 0.3% to $35.06 million from $34.97 million on January 01, 2017. For the reported quarter, the Company's net long-term debt decreased 17.7% to $111.41 million from $135.36 million in Q4 FY16.
In the first nine months of 2017, the Company's cash provided by operating activities decreased 62.2% to $80.62 million from $213.25 million in the same period last year.
For Q4 FY17, the Company expects revenue to be in the range of $660 million to $675 million and diluted EPS to be in the band of $0.36 to $0.41. The Company estimates adjusted diluted EPS to be in the range of $0.45 to $0.50 for Q4 FY17.
Stock Performance Snapshot
December 04, 2017 - At Monday's closing bell, TrueBlue's stock fell 1.42%, ending the trading session at $27.80.
Volume traded for the day: 170.91 thousand shares.
Stock performance in the last month – up 4.91%; previous three-month period – up 37.62%; past twelve-month period – up 32.07%; and year-to-date – up 12.78%
After yesterday's close, TrueBlue's market cap was at $1.17 billion.
Price to Earnings (P/E) ratio was at 20.23.
The stock is part of the Services sector, categorized under the Staffing & Outsourcing Services industry. This sector was up 0.8% at the end of the session.
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