Wednesday, February 22, 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 – Generalist Analyst, 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.
4Q22. Revenue of $1.23 billion was down 1.3% year-over-year (up 0.7% in constant currency). We were at $1.25 billion. Kelly took a $10.3 million asset impairment charge related to its RocketPower acquisition during the quarter. As a result, GAAP EPS loss was $0.02 compared to EPS of $1.80 in 4Q21. Adjusted EPS for the fourth quarter was $0.18 versus $0.65 last year. We had projected adjusted EPS of $0.29.
Quarterly Drivers. Kelly saw top line growth in its SET, Education, and OCG business, and International, if we exclude the sold Russian operations from the y-o-y comparison. Once again, the gross profit rate improved in all five business units, a testament to Kelly’s specialty talent focus.
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