Business
BBSI Reports Strong Second Quarter 2024 Financial Results and Raises Quarterly Dividend
- Q2 2024 Net Income of $16.7 Million, or $0.62 per Diluted Share - - Raises Dividend by 7% to $0.08 per Share - VANCOUVER, Wash., July 31, 2024 (GLOBE
About this update from Barrett Business Services, Inc.
[{"type":"text","content":"- Q2 2024 Net Income of $16.7 Million, or $0.62 per Diluted Share - - Raises Dividend by 7% to $0.08 per Share - VANCOUVER, Wash., July 31, 2024 (GLOBE NEWSWIRE) -- Barrett Business Services, Inc. (“BBSI” or the “Company”) (NASDAQ: BBSI), a leading provider of business management solutions, reported financial results for the second quarter ended June 30, 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\"). Second Quarter 2024 Financial Summary vs. Year-Ago Quarter Revenues up 6% to $279.7 million.Gross billings up 6% to $2.03 billion.Average worksite employees (“WSEs”) up 4%.Net Income of $16.7 million, or $0.62 per diluted share, compared to net income of $17.0 million, or $0.62 per diluted share. “Our strong performance continued through the second quarter, with gross billings growth and new client adds keeping us on track to meet our full year financial objectives,” said BBSI President and CEO Gary Kramer. “This continues to be driven by various strategies to increase the top of our sales funnel, our track record of client retention, and the roll-out of value-added offerings like BBSI Benefits. Given our consecutive quarters of great momentum and the opportunities ahead of us, we are confident 2024 will be another strong year for our shareholders.” Second Quarter 2024 Financial Results Revenues in the second quarter of 2024 increased 6% to $279.7 million compared to $264.6 million in the second quarter of 2023. Total gross billings in the second quarter of 2024 increased 6% to $2.03 billion compared to $1.91 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 higher average billings per WSE. Workers’ compensation expense as a percent of gross billings was 2.5% in the second quarter of 2024 and benefited from favorable prior year liability and premium adjustments of $8.9 million. This compares to 2.6% in the second quarter of 2023, which included favorable prior year liability and premium adjustments of $6.3 million. Net Income for the second quarter of 2024 was $16.7 million, or $0.6...