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Mar 29, 2020
TrueBlue Q1 2020 Earnings Report
TrueBlue experienced a challenging first quarter in 2020 due to the impact of the COVID-19 pandemic, including a significant drop in demand during the second half of March and a non-cash goodwill and intangible asset impairment charge of $175 million.
Key Takeaways
TrueBlue's first quarter 2020 results were significantly impacted by the COVID-19 pandemic, with revenue decreasing by 11% to $494 million compared to the first quarter of 2019. The company reported a net loss per diluted share of $4.04, and adjusted net loss per diluted share of $0.01. The results included a non-cash goodwill and intangible asset impairment charge of $175 million.
Revenue decreased by 11% to $494 million compared to Q1 2019.
Net loss per diluted share was $4.04, compared to net income per diluted share of $0.21 in Q1 2019.
Adjusted net loss per diluted share was $0.01, compared to adjusted net income per diluted share of $0.27 in Q1 2019.
A non-cash goodwill and intangible asset impairment charge of $175 million was included in the results, driven by the weaker economic outlook due to COVID-19.
Forward Guidance
Due to the uncertainty of future societal and business restrictions related to the COVID-19 pandemic, TrueBlue is not providing customary quarterly guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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