BG Staffing (BGSF) Tops Q2 EPS by 23c, Revenues Beat

BG Staffing (NYSE: BGSF) reported Q2 EPS of $0.16, $0.23 better than the analyst estimate of ($0.07). Revenue for the quarter came in at $62.9 million versus the consensus estimate of $60.89 million.

Beth A. Garvey, President and CEO, stated, “As anticipated, our second-quarter results were significantly affected by the COVID-19 pandemic. We are encouraged by recent week-on-week sequential growth in our business segments and are cautiously optimistic about third quarter activity.

“The ongoing responsiveness and flexibility of our team makes me proud as they continue to operate in the evolving new normal while always providing first class service to our customers. We remain vigilant and responsive as we navigate through the challenges of these unprecedented times,” Garvey concluded.

Dan Hollenbach, Chief Financial Officer, said, “We continue to monitor expenses and have extended our IT Roadmap project delays. In April, the first month of Q2, overall revenues declined 26% from pre-COVID-19 levels. June showed meaningful improvement as we were down 13% from the same base. June showed significant increases in both the Real Estate and Light Industrial segments over April.

“That said, the impact from the outbreak on our operational and financial performance moving forward will depend on continuing developments, duration and spread of the outbreak, its impact on our client partners, and the range of governmental and community reactions to the pandemic. These events remain uncertain and cannot be fully predicted at this time,” Hollenbach added.

For earnings history and earnings-related data on BG Staffing (BGSF) click here.

You May Also Be Interested In

• Elon Musk’s trillion-dollar meltdown: How SpaceX and Tesla erased $700 billion
• Noodles & Company (NDLS) Tops Q2 EPS by 26c ; Offers Guidance
• Microchip Technology to acquire edge AI chip firm Hailo