TrueBlue Inc (TBI) Reports Decrease in Q3 2023 Revenue Amidst Challenging Operating Environment
TrueBlue Inc (NYSE:TBI) reports Q3 2023 revenue of $473 million, a decrease of 18% compared to Q3 2022.
Net loss per diluted share was $0.00 compared to net income per diluted share of $0.63 in Q3 2022.
Adjusted net income per diluted share was $0.16 compared to $0.74 in Q3 2022.
Company remains disciplined in pricing and cost management, positioning for strong operating leverage and financial flexibility when demand rebounds.
On October 23, 2023, TrueBlue Inc (NYSE:TBI) announced its third quarter results for 2023. The company reported a decrease in revenue, with Q3 2023 revenue standing at $473 million, an 18% decrease compared to the $576 million revenue of Q3 2022. The company reported a net loss per diluted share of $0.00 compared to a net income per diluted share of $0.63 in the same quarter of the previous year. Adjusted net income per diluted share was $0.16 compared to $0.74 in Q3 2022.
Company Performance and Challenges
Despite the challenging operating environment, TrueBlue Inc (NYSE:TBI) is starting to see signs of potential stabilization in the demand trends for certain parts of its business. The company remains focused on staying highly engaged with its clients to meet their current needs and to be prepared to meet higher demand when business conditions improve.
"We also continue to be disciplined in the pricing of our services and with cost management, while preserving our operational and balance sheet strengths," said Taryn Owen, President and CEO of TrueBlue. "These actions position us well to achieve strong operating leverage and financial flexibility when demand rebounds."
Financial Highlights
TrueBlue's balance sheet shows a decrease in total assets from $1,019,408 in December 2022 to $915,031 in September 2023. The company's total liabilities also decreased from $523,093 in December 2022 to $458,405 in September 2023. The company's net income for the 39 weeks ended September 24, 2023, was a loss of $11,622 compared to a net income of $55,228 for the same period in 2022.
Outlook
TrueBlue is providing certain forward-looking information to help investors form their own estimates, which can be found in the quarterly earnings presentation filed today. The company's management will discuss third quarter 2023 results on a webcast at 2:30 p.m. PT (5:30 p.m. ET), today, Monday, Oct. 23, 2023.
About TrueBlue
TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions that help clients achieve business growth and improve productivity. In 2022, TrueBlue connected approximately 611,000 people with work. Its PeopleReady segment offers on-demand, industrial staffing, PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions, and PeopleManagement offers contingent, on-site industrial staffing and commercial driver services.
This article first appeared on GuruFocus.
