Monday, May 15, 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.
1Q23. Revenue of $1.27 billion was down 2.2% year-over-year (down 1.4% in constant currency). We were at $1.23 billion. Kelly took a $5.7 million restructuring charge during the quarter. GAAP net income was $10.9 million, or EPS of $0.29/sh, compared to a GAAP loss of $47.6 million, or a loss of $1.23/sh, last year. Adjusted EPS for 1Q23 was $0.40 versus $0.44 last year. We had projected adjusted EPS of $0.27.
Accelerating Profitable Growth. Management announced a comprehensive and intensive transformation initiative to optimize the business and functional operations in a sustainable manner, unlock additional value-creating opportunities, and accelerate profitable growth.
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