TrueBlue (TBI) Tops Q4 EPS by 14c

TrueBlue (NYSE: TBI) reported Q4 EPS of $0.57, $0.14 better than the analyst estimate of $0.43. Revenue for the quarter came in at $622 million versus the consensus estimate of $583.97 million.

“We are pleased to announce that fourth quarter results surpassed the comparable 2019 period,” said Patrick Beharelle, CEO of TrueBlue. “Our digital investments are differentiating us from the competition and are helping us capitalize on the rising demand for our services as businesses turn to flexible solutions to solve their workforce challenges. Numerous operating enhancements made over the last two years have lowered the cost of delivering our services and increased our agility in responding to customer needs.

“The fourth quarter marked the third consecutive quarter of double-digit revenue growth,” Mr. Beharelle continued. “PeopleReady’s revenue growth accelerated throughout the quarter driven by improving worker supply and strong results within the retail sector, while same customer demand and new customer wins continued to produce impressive PeopleScout results. Momentum from our finish to the year has TrueBlue well-positioned in 2022 and beyond.”

The company also announced that its Board of Directors authorized $100 million of share repurchases which the company intends to complete over the next three years. “Our balance sheet is in great shape and the business is producing strong cash flow,” said Derrek Gafford, CFO of TrueBlue. “This authorization reflects confidence in our growth prospects and ability to create long-term value for our shareholders.”

For earnings history and earnings-related data on TrueBlue (TBI) click here.

You May Also Be Interested In

• Morgan Stanley upgrades CDW on stronger AI-driven server demand
• UBS Reiterates Buy Rating on General Motors (GM) as Defense Opportunity in Focus
• Goldman "broadly" raises estimates for LTL and truckload stocks