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Sep 25, 2022
TrueBlue Q3 2022 Earnings Report
Reported roughly flat revenue with increased net income per share due to gross margin strength.
Key Takeaways
TrueBlue reported third quarter revenue of $576 million, which was roughly flat compared to the third quarter of 2021. Net income per diluted share increased to $0.63 compared to $0.53 in the prior year. Adjusted net income per diluted share was $0.75 compared to $0.59 in the third quarter of 2021.
Revenue was roughly flat compared to the third quarter of 2021.
Net income per diluted share increased compared to the third quarter of 2021.
Demand slowed, but a higher proportion of orders were filled due to improved worker supply.
Tight labor pools resulted in the strongest bill/pay spreads in recent history, leading to higher operating income and margin.
Forward Guidance
TrueBlue anticipates economic uncertainty will increase and demand for services will soften over the near-term. However, they expect secular strength for workforce solutions due to low labor participation rates and an increasing preference to work from home, which will constrain blue-collar labor supply.
Positive Outlook
- Continued investment in operational and technology strengths.
- Well-positioned for the economic recovery and beyond.
- Expect secular strength for workforce solutions.
- Low labor participation rates expected to persist.
- Increasing preference to work from home will constrain blue-collar labor supply.
Challenges Ahead
- Economic uncertainty will increase.
- Demand for services will soften.
- Businesses face uncertainty regarding their workforce needs.
- Potential impacts from national and global economic conditions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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