Press release
Kelly Reports Second-Quarter 2024 Earnings
Q2 operating earnings of $12.2 million; $28.1 million on an adjusted basis, up 95% Q2 revenue down following sale of European staffing operations; up 0.6% on
About this update from Kelly Services, Inc.
[{"type":"text","content":"Q2 operating earnings of $12.2 million; $28.1 million on an adjusted basis, up 95% Q2 revenue down following sale of European staffing operations; up 0.6% on an organic basis Q2 adjusted EBITDA margin increased 170 basis points to 3.7% driven by meaningful reduction in operating expenses resulting from business transformation initiatives and sale of European staffing operations Company expects further expansion of EBITDA margin from the May 31, 2024 acquisition of Motion Recruitment Partners, LLC (\"MRP\") TROY, Mich. , Aug. 08, 2024 (GLOBE NEWSWIRE) -- Kelly (Nasdaq: KELYA, KELYB), a leading specialty talent solutions provider, today announced results for the second quarter of 2024. Peter Quigley, president and chief executive officer, announced revenue for the second quarter of 2024 totaled $1.06 billion, a 13.1% decrease compared to the corresponding quarter of 2023 resulting primarily from the sale of the company’s European staffing operations on January 2, 2024. Excluding the impact of the sale of the European staffing operations and the recent acquisition of MRP, revenue improved 0.6% on an organic basis reflecting the continuing impact of customers’ more guarded approach to hiring and initiating new projects or capital spending. MRP revenue is included in reported revenue upon acquisition beginning in June 2024 and added 400 bps to reported year-over-year revenue growth. Kelly reported operating earnings in the second quarter of 2024 of $12.2 million, compared to earnings of $6.2 million reported in the second quarter of 2023. Adjusted earnings were $28.1 million in the second quarter of 2024. The $15.9 million increase from reported earnings includes a loss on the sale of our European staffing operations, charges related to transformation actions and the sale of our European staffing operations, an impairment charge related to excess leased property and a gain on the sale of assets related to the Ayers Group. The acquisition of MRP added $1.5 million of earnings from operations in the second quarter of 2024. Adjusted earnings in the second quarter of 2023 were $14.2 million. The $8.0 million increase from reported earnings included transformation related charges and an asset impairment charge. The European staffing operations produced $1 million of earnings from operations on an adjusted basis in the second quarter of 20...