Business
BBSI Reports Strong Fourth Quarter and Full Year 2024 Financial Results
- Fourth Quarter Revenues up 10% to $304.8 Million With Net Income up 15% to $16.8 Million, or $0.63 per Diluted Share - VANCOUVER, Wash., Feb. 26, 2025
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Fourth Quarter Revenues up 10% to $304.8 Million With Net Income up 15% to $16.8 Million, or $0.63 per Diluted Share - VANCOUVER, Wash., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the fourth quarter and full year ended December 31, 2024. All share and per share amounts presented herein have been retroactively adjusted to reflect the impact of the four-for-one stock split that was distributed in the form of a stock dividend in June 2024 (the “Stock Split”). Fourth Quarter 2024 Financial Summary vs. Year-ago Quarter Revenues up 10% to $304.8 million.Gross billings up 10% to $2.25 billion.Average worksite employees (“WSEs”) up 5%.Net income up 15% to $16.8 million, or $0.63 per diluted share, compared to net income of $14.6 million, or $0.54 per diluted share. Full Year 2024 Financial Summary vs. 2023 Revenues up 7% to $1.14 billion.Gross billings up 8% to $8.33 billion.Average WSEs up 4%.Net income up 5% to $53.0 million, or $1.98 per diluted share, compared to net income of $50.6 million, or $1.85 per diluted share. \"We finished 2024 on a strong note, achieving 10% growth in both revenue and gross billings during the fourth quarter, which helped drive a 15% increase in earnings,\" said BBSI President and CEO Gary Kramer. \"These solid results were supported by record WSE additions from new clients, continued high client retention, and a strong year-end selling season for our BBSI Benefits healthcare offering. This strong quarter caps off an exceptional year for BBSI, and that momentum continued into a strong January, which positions us well for continued growth and success in 2025.\" Fourth Quarter 2024 Financial Results Revenues in the fourth quarter of 2024 increased 10% to $304.8 million compared to $276.7 million in the fourth quarter of 2023. Total gross billings in the fourth quarter increased 10% to $2.25 billion compared to $2.05 billion in the same year-ago quarter (see “Key Performance Metrics” below). The increase was driven by growth in professional employer (“PEO”) services, specifically resulting from increased WSEs from net new clients and client hiring, as well as higher average billings per WSE. Workers’ compensation expense as a percent of gross billings was 2.3%...