Press release
Kelly Reports Fourth-Quarter and Full-Year 2022 Earnings
Q4 revenue down 1.3%; up 0.7% in constant currencyQ4 gross profit up 1.7%; up 3.7% in constant currency with Q4 GP rate of 20.3%, an improvement of 60 bpsQ4
About this update from Kelly Services, Inc.
[{"type":"text","content":"Q4 revenue down 1.3%; up 0.7% in constant currencyQ4 gross profit up 1.7%; up 3.7% in constant currency with Q4 GP rate of 20.3%, an improvement of 60 bpsQ4 operating earnings of $4.6 million including non-cash goodwill impairment charge, or $14.0 million on an adjusted basis, down 28% on an adjusted basis from a year agoFull year 2022 operating earnings of $14.8 million, or adjusted earnings of $68.3 million, compared to adjusted earnings of $52.6 million last year, up 30% on an adjusted basisTROY, Mich., Feb. 16, 2023 /PRNewswire/ -- Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the fourth quarter and full year of 2022.\n\n \n \n \n \n \n \n\n \nPeter Quigley, president and chief executive officer, announced revenue for the fourth quarter of 2022 totaled $1.2 billion, a 1.3% decrease, or 0.7% increase in constant currency, compared to the corresponding quarter of 2021. Year-over-year revenue trends were impacted by foreign currency headwinds and the impact of the sale of our Russian operations in July 2022. Year-over-year results in the quarter also reflect the impact of the recent acquisitions of RocketPower, a recruitment process outsourcing firm, and Pediatric Therapeutic Services, a specialty firm providing in-school therapy services.\nKelly reported operating earnings in the fourth quarter of 2022 of $4.6 million, compared to earnings of $15.3 million reported in the fourth quarter of 2021. Earnings in the fourth quarter of 2022 included a $10.3 million goodwill impairment charge related to RocketPower. The charge reflects the acceleration of declines in hiring in the high-tech industry in which RocketPower specializes. Excluding the impairment charge and a $0.9 million gain related to the sale of real property, adjusted earnings from operations were $14.0 million. Earnings in the fourth quarter of 2021 included a $4.1 million restructuring charge and adjusted earnings were $19.4 million. Adjusted earnings declined primarily as a result of higher selling, general and administrative expenses, partially offset by the impact of structural improvements in the business mix which resulted in higher gross profit.\nLoss per share in the fourth quarter of 2022 was $0.02 compared to earnings per share of $1.80 in the fourth quarter of 2021. Included in the loss per share in...