Kelly Services (KELYA) Misses Q1 EPS by 2c, Revenues Beat

Kelly Services (NASDAQ: KELYA) (NASDAQ: KELYB) reported Q1 EPS of $0.12, $0.02 worse than the analyst estimate of $0.14. Revenue for the quarter came in at $1.21 billion versus the consensus estimate of $1.18 billion.

Financial Highlights

• Q1 revenue down 4.4%, down 5.5% in constant currency, as pandemic disruption moderates
• Q1 operating earnings of $10.6 million, compared to a reported loss for the corresponding period last year
• Q1 earnings per share of $0.64, or $0.12 on an adjusted basis, compared to adjusted earnings per share of $0.20 for the corresponding period last year

“We’re seeing strong demand across all of our operating segments. This translated into sustained, sequential revenue improvements in our Education, OCG, International, and Science, Engineering & Technology business segments. We’re also seeing improving revenue growth rates in our Professional & Industrial segment and are taking steps to capture even more of the stronger demand, which now exceeds pre-pandemic levels,” said Quigley. “Every segment added numerous wins to their portfolio in the first quarter, and we're pleased with the overall progress and healthy sales pipelines across our specialties. We're moving forward in this recovery with optimism, well-positioned to capture organic specialty growth and committed to a bold M&A strategy that captures inorganic growth, as evidenced by our recent Softworld acquisition, which is the largest deal in Kelly’s history.”

For earnings history and earnings-related data on Kelly Services (KELYA) click here.

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