Monday, August 12, 2024
Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q Results. The sale of the European business and the Motion Recruitment Partners acquisition affected revenue, as revenue declined to $1.06 billion from $1.22 billion last year, but in-line with our estimate of $1.07 billion. Net income for the quarter was $4.6 million, or $0.13/sh, from $7.5 million, or $0.20/sh, a year ago, as the Europe staffing sale contributed to the decrease. We estimated net income of $14.9 million or $0.42/sh.
Growth and Stability. While the uncertain market conditions continue to impact Kelly’s segments, management noted that segments saw sequential stabilization, while others continued to grow such as Education. We believe the stabilization indicates the bottom of demand for some of Kelly’s services, and management’s expectation of modest improvement in most of its segments in the second half gives this credence.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
