TriNet Group (TNET) Reports Q3 EPS of $0.56

TriNet Group (NYSE: TNET) reported Q3 EPS of $0.56, versus $0.81 reported last year. Revenue for the quarter came in at $975 million, versus $969 million reported last year.

Third quarter highlights include:

• Total revenues increased 1% to $975 million and Net Service Revenues decreased (2)% to $216 million, as compared to the same period last year.
• Net income was $33 million, or $0.48 per diluted share, compared to net income of $55 million, or $0.78 per diluted share, in the same period last year.
• Adjusted Net Income was $39 million, or $0.56 per diluted share, compared to Adjusted Net Income of $58 million, or $0.81 per diluted share, in the same period last year.
• Adjusted EBITDA was $69 million, representing an Adjusted EBITDA Margin of 32%.
• Average Worksite Employees (WSEs) decreased 4% as compared to the same period last year, to approximately 318,000.
• Total WSEs decreased 3% compared to the same period last year, to approximately 321,000.

"We are pleased with our third quarter financial performance as it reflects both our resilient customer base and our commitment to putting our customers at the center of everything we do," said Burton M. Goldfield, TriNet's President and CEO. "Our third quarter results exceeded our forecast, reflecting the benefit of our scale, in terms of our financial strength, service model, and technology platform all used in support of our customers' success during these challenging times."

Mr. Goldfield continued, "Last week in a public display of our commitment to our customers, we hosted our first annual TriNet PeopleForce conference. This conference is our forum to provide SMBs with real insights and recommendations for the challenges they face. We look forward to building on the success of this conference, leveraging our thought leadership, and positioning our organization for a return to growth as the economy recovers."

For earnings history and earnings-related data on TriNet Group (TNET) click here.

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