Jul 31, 201705:07 PMBlog

TrueBlue reports 2017 second quarter results

Jul 31, 2017 - 05:07 PM

TrueBlue has announced its second quarter 2017 results, with a revenue of $610 million.

That’s down 9 percent from the $673 million the company earned in the second quarter of 2016. The Tacoma staffing company is still looking to rebound from the reduction in business from its former largest customer: Seattle-based e-commerce giant Amazon, which drastically reduced its “scope of service” with TrueBlue in April 2016. Excluding the reduction in the scope of services provided to Amazon, revenue declined by 5 percent.

Net income per diluted share was $0.31 compared to a loss of $1.53 in the fiscal second quarter of 2016. Adjusted net income per diluted share1 was $0.42 compared to $0.54 in the fiscal second quarter of 2016.

“This quarter’s results were consistent with our expectations,” TrueBlue CEO Steve Cooper said. “Our strategic focus emphasizes pricing discipline over simply expanding market share. Combined with our reduction of operating expenses, this is the right approach given the modest demand environment.

“We are pleased with our expanding presence in high-growth, high-margin recruitment process outsourcing and productivity-based solutions. We are equally excited about our mobile strategy, which creates a competitively differentiated service offering to drive future growth.”

The company is expecting higher revenues for the ensuing quarter, with revenue estimates for 2017 Q3 ranging from $645 million to $660 million. It also expects net income per diluted share will range from $0.46 to $0.51. Adjusted net income per diluted share1 is expected to be $0.55 to $0.60.

            

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