Press release
Kelly® Reports Second Quarter Earnings
Financial Highlights Q2 revenue declined 28.7% or 27.7% in constant currencyQ2 operating earnings of $11.1 million, down 68.2%, or down 50.4% as adjustedQ2
About this update from Kelly Services, Inc.
[{"type":"text","content":"Financial Highlights\n Q2 revenue declined 28.7% or 27.7% in constant currencyQ2 operating earnings of $11.1 million, down 68.2%, or down 50.4% as adjustedQ2 earnings per share of $1.04, down 50.9%, or down 37.0% as adjusted TROY, Mich., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Kelly (Nasdaq: KELYA) (Nasdaq: KELYB), a leading specialty talent solutions provider, today announced results for the second quarter of 2020. Peter Quigley, president and chief executive officer, announced revenue for the second quarter of 2020 totaled $1.0 billion, a 28.7% decline, or 27.7% in constant currency, compared to the corresponding quarter of 2019. Revenues declined as a result of lower demand during the quarter as customers reacted to the COVID-19 crisis. Earnings from operations for the second quarter of 2020 totaled $11.1 million, compared to the $34.8 million reported for the second quarter of 2019. The 2020 second quarter results include an adjustment to restructuring charges, and the second quarter of 2019 results included an adjustment to restructuring charges and a $12.3 million gain on sale of assets. On an adjusted basis, earnings from operations were $10.9 million compared to $21.9 million in the corresponding quarter of 2019. Diluted earnings per share in the second quarter of 2020 were $1.04 compared to earnings per share of $2.12 in the second quarter of 2019. Included in the earnings per share in the second quarter of 2020 is a non-cash gain, net of tax, on Kelly’s investment in Persol Holdings common stock of $0.52. Included in the earnings per share in the second quarter of 2019 is $1.07 from a non-cash gain per share on Kelly’s investment in Persol Holdings common stock, net of tax, gain on sale of assets, net of tax of $0.23, and a $0.01 per share adjustment to restructuring charges, net of tax. On an adjusted basis, earnings per share were $0.51 for the second quarter of 2020 compared to $0.81 for the corresponding quarter of 2019. “The impact of COVID-19 continued throughout the second quarter as closures and widespread uncertainty resulted in reduced customer demand and lower top-line growth,” stated Quigley. “Amid this unprecedented environment, Kelly initiated several quick and decisive actions to protect its profitability and liquidity and captured available upside in resilient, high-margin areas of our business. While we cont...