Friday, July 21, 2023
Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Plugging the Holes. Kelly Services announced yesterday that the Company is undergoing strategic restructuring actions that will further optimize the company’s operating model to enhance organizational efficiency and effectiveness. This is part of the Company’s initiative to drive EBITDA margin improvement and accelerate long-term profitable growth announced in May.
The Strategy. Kelly will be realigning business-critical resources to Kelly’s business units, streamline corporate resources, reduce redundant organizational layers, and optimize work processes with this restructuring. These structural changes simplify the Company’s operations and unlock additional resources to invest in growth. The Company has already implemented a workforce reduction plan.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.