Business
Kelly Services® Reports Fourth Quarter and Full Year Earnings
Financial Highlights Q4 revenue down 5.4%; down 5.2% in constant currencyQ4 operating earnings of $13.1 million, including a $15.8 million asset impairment
About this update from Kelly Services, Inc.
[{"type":"text","content":"Financial Highlights\n Q4 revenue down 5.4%; down 5.2% in constant currencyQ4 operating earnings of $13.1 million, including a $15.8 million asset impairment charge, compared to $33.1 million last yearQ4 earnings (loss) per share of $0.43, compared to ($0.62) last year or $0.67 compared to $0.87 on an adjusted basisFull year 2019 earnings from operations down 6.5% to $81.8 million TROY, Mich., Feb. 13, 2020 (GLOBE NEWSWIRE) -- Kelly Services (Nasdaq: KELYA) (Nasdaq: KELYB), a global leader in providing workforce solutions, today announced results for the fourth quarter and full year of 2019. Peter Quigley, president and chief executive officer, announced revenue for the fourth quarter of 2019 totaled $1.3 billion, a 5.4% decrease, or 5.2% in constant currency, compared to the corresponding quarter of 2018. Earnings from operations for the fourth quarter of 2019 totaled $13.1 million, compared to the $33.1 million reported for the fourth quarter of 2018. The 2019 fourth quarter results include a $15.8 million impairment charge related to a technology development project. Diluted earnings per share in the fourth quarter of 2019 were $0.43 compared to a loss per share of $0.62 in the fourth quarter of 2018. Included in the earnings per share in the fourth quarter of 2019 was a $0.30 impairment charge, net of tax and a $0.01 gain, net of tax on Persol Holdings common stock. Included in the loss per share in the fourth quarter of 2018 is the unfavorable impact of $1.49 due to the non-cash after-tax loss on Kelly’s investment in Persol Holdings common stock. Diluted earnings per share for the full year 2019 were $2.84 compared to $0.58 for 2018. Full-year earnings per share for 2019 were unfavorably impacted $0.40 by the after-tax impact of asset impairments and restructuring charges, and were favorably impacted $1.08 by the after-tax gain on Persol common stock, the gain on sale of assets, and the impact of recent acquisitions. Full-year earnings per share for 2018 were unfavorably impacted by the $1.69 non-cash after-tax loss on Persol Holdings common stock. On an adjusted basis, diluted earnings per share were $2.16 in 2019 compared to $2.27 in 2018. The impacts of these adjustments are more fully described in the included reconciliation of non-GAAP measures. “Q4 continued the underlying dynamics we saw in Q3, including a weaker ma...