Monday, November 13, 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.
3Q23 Results. Revenue of $1,118 million was down 4.3% y-o-y and down 5.8% on a constant currency basis. We had estimated $1,180 million. The Company incurred $15.4 million of transformation expenses in the quarter. Adjusted net income was $18.1 million or EPS of $0.50. We had estimated EPS of $0.28. Adjusted EBITDA was $25.5 million, or a 2.3% margin.
Transformation. Kelly continues to move ahead with the transformation plan, already eliminating a significant amount of expenses. We expect the transformation to position Kelly to accelerate profitable growth over the long-term with improved adjusted EBITDA margins.
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