BBSI reported strong Q3 2024 financial results, with revenues up 8% to $294.3 million and net income of $19.6 million, or $0.74 per diluted share. The company's performance was driven by growth in PEO services and strong client retention.
Revenues increased by 8% to $294.3 million.
Gross billings increased by 9% to $2.14 billion.
Net income was $19.6 million, or $0.74 per diluted share.
Average worksite employees increased by 5%.
BBSI expects gross billings growth of 7% to 8%, growth in the average number of WSEs of 4% to 5%, gross margin as a percent of gross billings of 3.03% to 3.07%, and an effective annual tax rate of 26% to 27% for 2024.
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