TriNet Group (NYSE: TNET) reported Q1 EPS of $1.51, $0.21 better than the analyst estimate of $1.30.

First quarter highlights include:

• Total revenues increased 1% to $1.1 billion and Net Service Revenues increased 9% to $309 million, as compared to the same period last year.
• Net income was $101 million, or $1.51 per diluted share, compared to net income of $91 million, or $1.31 per diluted share, in the same period last year.
• Adjusted Net Income was $111 million, or $1.66 per diluted share, compared to Adjusted Net Income of $97 million, or $1.41 per diluted share, in the same period last year.
• Adjusted EBITDA was $163 million, representing an Adjusted EBITDA Margin of 53%.
• Total Worksite Employees (WSEs) decreased 3% compared to the same period last year, to approximately 326,000.
• Average WSEs decreased 4% as compared to the same period last year, to approximately 321,000.

"Our business model continued to add significant value to our customers during these challenging times," said Burton M. Goldfield, TriNet's President and CEO. "Our customers sought help not just with traditional HR functions such as payroll, but also with strategic HR questions as they addressed the difficult economic environment. Through our vertical strategy, we have successfully aligned the right customers, with the right service model, at the right price. We once again leveraged our differentiated business model and financial performance to establish the 2021 credit program for the benefit of all of our stakeholders. We are encouraged by the economic reopening underway, and we are excited for a return to growth in 2021."

GUIDANCE:

TriNet Group sees Q2 2021 EPS of $0.70-$0.86, versus the consensus of $0.86.

TriNet Group sees FY2021 EPS of $3.42-$3.90, versus the consensus of $3.70.

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