Robert Half Inc (RHI) Reports Q3 2023 Earnings: Net Income Drops to $96 Million
Robert Half Inc (NYSE:RHI) reported Q3 2023 net income of $96 million, down from $166 million in Q3 2022
Revenues for the quarter were $1.564 billion, a decrease from $1.833 billion in the same period last year
For the nine months ended September 30, 2023, net income was $324 million, down from $510 million in the same period in 2022
Despite the ongoing macroeconomic uncertainty, the company delivered above-consensus top and bottom-line results for the third quarter
Robert Half Inc (NYSE:RHI) released its earnings report for the third quarter ended September 30, 2023, on October 24, 2023. The company reported a net income of $96 million, or $0.90 per share, on revenues of $1.564 billion. This represents a decrease from the third quarter of 2022, where the net income was $166 million, or $1.53 per share, on revenues of $1.833 billion.
Financial Performance
For the nine months ended September 30, 2023, net income was $324 million, or $3.04 per share, on revenues of $4.920 billion. This is a decrease from the same period in 2022, where the net income was $510 million, or $4.65 per share, on revenues of $5.511 billion.
Company's Commentary
We delivered above-consensus top and bottom-line results for the third quarter, notwithstanding the ongoing macroeconomic uncertainty that lengthens both client and job candidate decision cycles. Both talent solutions and Protiviti exceeded expectations, said M. Keith Waddell, president and chief executive officer at Robert Half. Gross margins remained strong due to pricing discipline and the ongoing benefit from the rising mix of revenues from higher-skilled services. Our operating cost base also benefited from the targeted actions we have taken to align costs with revenues. We remain confident both in our ability to weather the current climate and in our future growth prospects as the macro landscape improves."
Financial Tables Summary
The company's balance sheet as of September 30, 2023, showed cash and cash equivalents of $729,472,000 and net accounts receivable of $941,121,000. Total assets were $3,021,050,000, with total current liabilities of $1,276,278,000 and total stockholders equity of $1,579,971,000.
Company's Outlook
Despite the decrease in net income and revenues, Robert Half remains confident in its ability to navigate the current economic climate and its future growth prospects. The company continues to focus on maintaining strong gross margins and aligning costs with revenues.
This article first appeared on GuruFocus.
