Kelly Services (KELYA) Tops Q4 EPS by 14c, Revenues Beat

Kelly Services (NASDAQ: KELYA) reported Q4 EPS of $0.41, $0.14 better than the analyst estimate of $0.27. Revenue for the quarter came in at $1.24 billion versus the consensus estimate of $1.14 billion.

Financial Highlights

• Q4 revenue down 7.2% year-over-year as sequential quarter-over-quarter improvement continues
• Q4 operating earnings of $9.5 million, or earnings of $13.9 million as adjusted, compared to earnings of $28.8 million in the corresponding quarter of 2019 as adjusted
• Q4 earnings per share of $0.59 or $0.41 as adjusted, compared to $0.71 in the corresponding quarter of 2019 as adjusted
• Full year 2020 operating loss of $93.6 million, or earnings of $44.3 million as adjusted, compared to earnings of $90.8 million last year as adjusted

“Each of Kelly’s five operating segments reported sequential revenue improvement in the fourth quarter, continuing the trend of top-line growth we’ve seen each quarter since the low point of the COVID-19 crisis,” said Quigley. “Our OCG segment showed particular strength and resilience, surpassing pre-COVID revenue levels. These results reflect gradually improving economic conditions, coupled with traction from our specialization strategy and the operating model we implemented mid-2020. Looking ahead, we’re optimistic that we’ll benefit from a recovery that gains momentum throughout 2021, with pipelines for both organic and inorganic growth strengthening. We’re confident we’ve positioned Kelly to pursue profitable growth coming out of the pandemic and well into the future.”

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

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