TrueBlue (NYSE: TBI) reported Q1 EPS of ($0.01), $0.05 worse than the analyst estimate of $0.04. Revenue for the quarter came in at $494.25 million versus the consensus estimate of $498.87 million.

“We experienced improving revenue trends during January and February, which reversed course in March,” said Patrick Beharelle, CEO of TrueBlue. “The second half of March saw a significant drop in demand associated with government and societal actions to address the COVID-19 threat. In response, we have taken actions to reduce our operating expenses by approximately $100 million this year while preserving key strengths of our business, such as our branch footprint and technology innovation, to be prepared when business conditions improve.”

“We entered 2020 from a position of strength given our balance sheet that included only $37 million of debt and a similar amount of cash,” said Derrek Gafford, CFO of TrueBlue. “In March, we extended our existing $300 million revolving credit facility for five years and drew substantially all of the remaining availability to further enhance our liquidity position.”

“As a key provider of services to other essential businesses, we’re still very much open for business,” said Mr. Beharelle. “We are keenly focused on preserving capital and leveraging our digital app, JobStack, to facilitate safe interactions with our clients and associates. At times like these, TrueBlue’s underlying mission – connecting people with work – is even more crucial, and as a company we remain focused on helping the workers and clients we serve get back on their feet.”

2020 Outlook

The COVID-19 pandemic is creating a material impact on the demand for our services. Given the uncertainty of future societal and business restrictions, TrueBlue is not providing customary quarterly guidance. However, the company is providing an assortment of historical and forward-looking information to help investors form their own estimates, which can be found in the quarterly earnings presentation filed today.

For earnings history and earnings-related data on TrueBlue (TBI) click here.