Press release
KELLY REPORTS FIRST-QUARTER 2022 EARNINGS
Q1 revenue up 7.5%; 9.0% in constant currencyQ1 operating earnings of $23.4 million; up 121% from a year agoQ1 loss per share of $1.23 down from a year ago on
About this update from Kelly Services, Inc.
[{"type":"text","content":"Q1 revenue up 7.5%; 9.0% in constant currencyQ1 operating earnings of $23.4 million; up 121% from a year agoQ1 loss per share of $1.23 down from a year ago on a non-cash loss on Persol Holdings investmentAdjusted EPS of $0.46 in Q1; up from $0.12 a year agoCreated $235M of liquidity by ending the cross-ownership between Kelly and Persol Holdings and reducing our ownership interest in PersolKelly, the companies' joint venture in the APAC regionCompleted the first quarter acquisition of RocketPower to strengthen our RPO practice and acquired Pediatric Therapeutic Services in May to extend our leading position in K-12 education TROY, Mich., May 12, 2022 /PRNewswire/ -- Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the first quarter of 2022.\n\n \n \n \n \n \n \n\n \nPeter Quigley, president and chief executive officer, announced revenue for the first quarter of 2022 totaled $1.3 billion, a 7.5% increase, or 9.0% in constant currency, compared to the corresponding quarter of 2021. Revenue improved year-over-year in the quarter reflecting increased customer demand compared to the COVID-19-impacted prior year period, as well as the impact of the Q2 2021 acquisition of Softworld.\nEarnings from operations in the first quarter of 2022 totaled $23.4 million, compared to $10.6 million reported in the first quarter of 2021. Earnings improved as a result of revenue growth combined with structural improvement in gross profit rate and expense leverage.\nThe loss per share in the first quarter of 2022 was $1.23 compared to diluted earnings per share of $0.64 in the first quarter of 2021. Included in the loss per share in the first quarter of 2022 is a loss, net of tax, on Kelly's investment in Persol Holdings common stock of $1.26 per share compared to a gain, net of tax, of $0.52 per share in the first quarter of 2021. In addition, the loss per share in the first quarter of 2022 includes a $0.43 loss per share on non-cash foreign currency matters, net of tax, related to the dissolution of our Japanese subsidiary following the sale of the Persol Holding common shares. On an adjusted basis, earnings per share were $0.46 in the first quarter of 2022 compared to $0.12 in the corresponding quarter of 2021.\n\"Kelly's first quarter performance proves that our growth strategy is paying off,\...