Kelly Services Inc. Earnings: Beats Wall Street Expectations
Kelly Services Inc. (NASDAQ:KELYA) reported net income above Wall Street’s expectations for the fourth quarter. Kelly Services is a global workforce solutions provider operating in all major markets throughout the world. It assigns professional and technical employees in the fields of creative services, education, legal, and health care.
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Kelly Services Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for Kelly Services Inc. rose to $24.1 million (64 cents per share) vs. $14.6 million (39 cents per share) in the same quarter a year earlier. This marks a rise of 65.1% from the year earlier quarter.
Revenue: Rose 5.3% to $1.4 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: Kelly Services Inc. beat the mean analyst estimate of 43 cents per share. Analysts were expecting revenue of $1.41 billion.
Quoting Management: Carl T. Camden, President and Chief Executive Officer, stated, “Despite unsettled global economic conditions, we’re pleased to report a successful quarter and year. Our performance was fueled by a sustained demand for flexible staffing, improvements in the overall job market, and our own drive to achieve operational excellence.”
The company has now topped analyst estimates for the last four quarters. It beat the mark by 10 cents in the third quarter, by 29 cents in the second quarter, and by 3 cents in the first quarter.
Revenue has risen the past four quarters. Revenue increased 9.7% to $1.41 billion in the third quarter. The figure rose 16.2% in the second quarter from the year earlier and climbed 18.5% in the first quarter from the year-ago quarter.
The company’s cost of sales rose 5.4% from a year earlier. Last quarter, cost of sales was 83.7% of revenue, similar to a year earlier.
Looking Forward: The average estimate for the first quarter of the next fiscal year is steady at 25 cents a share. The average estimate for the fiscal year is $1.61 per share, a rise from $1.54 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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