FINANCIALS: US TrueBlue sees rise in revenues

US blue-collar recruiter TrueBlue has seen both annual and Q4 revenues rise in 2015 and expects further earnings growth this year, buoyed by acquisitions made in recent months.
Thu, 4 Feb 2016

US blue-collar recruiter TrueBlue has seen both annual and Q4 revenues rise in 2015 and expects further earnings growth this year, buoyed by acquisitions made in recent months.

The group’s results for the period to 31 December 2015 reveal revenue of $2.7bn (£1.85bn), up 24% on 2014. Adjusted earnings before interest, taxes depreciation and amortisation (EBITDA) rose 23% to $147m along with adjusted net income per share of $2.02, up 20% on the previous year.

The group’s Q4 results, covering the three months to 31 December 2015, show revenue increased 17% to $811m on the same period last year, while adjusted EBITDA rose to $46m from $44m in Q4 2014. Adjusted net income per share also rose from $0.62 to $0.66 in the same period last year over the quarter.

Looking ahead, TrueBlue chief executive Steve Cooper revealed the company estimates adjusted EBITDA will grow nearly 30% in 2016 as a result of two recent acquisitions and increased momentum in organic growth. In December 2015 the group acquired SIMOS, a provider of on premise workforce management solutions, and last month TrueBlue bought business process outsourcing firm Aon Hewitt’s recruitment process outsourcing business.

TrueBlue estimates revenue to range from $660m to $675m, an increase of between 15-18%, and adjusted net income per diluted share of $0.23 to $0.28, for Q1 2016.

For the full-year 2016, TrueBlue said it estimates revenue of $3.1bn, an increase of 16%, and adjusted net income per diluted share of $2.65.

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