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Dec 31, 2023
Kelly Services Q4 2023 Earnings Report
Reported fourth-quarter earnings with revenue remaining flat and adjusted EBITDA margin increasing due to expense reductions.
Key Takeaways
Kelly Services reported flat revenue and increased operating earnings for Q4 2023. Revenue totaled $1.2 billion, a slight decrease of 0.1% year-over-year. Operating earnings were $7.3 million, up from $4.6 million in the same quarter of the previous year. Adjusted earnings per share improved to $0.93 from $0.18 in the corresponding quarter of 2022.
Q4 revenue was $1.2 billion, a 0.1% decrease year-over-year, or a 1.3% decrease in constant currency.
Operating earnings for Q4 were $7.3 million, compared to $4.6 million in Q4 2022.
Adjusted earnings per share were $0.93, an improvement from $0.18 in the corresponding quarter of 2022.
Adjusted EBITDA margin increased 60 basis points to 2.6% due to operating expense reductions from business transformation initiatives.
Revenue by Segment
Forward Guidance
The company expects the Q1 2024 sale of European staffing operations, sustained structural expense reductions, and near-term outcomes from growth initiatives to drive further expansion of EBITDA margin.
Positive Outlook
- Sale of European staffing operations in Q1 2024
- Sustained structural expense reductions
- Near-term outcome from growth initiatives
- EBITDA margin propelled to 3% entering 2024
- Company is well positioned to capture increased customer demand when the operating environment rebounds and accelerate profitable growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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