TrueBlue reports 2014 Q3 revenue up 40% on 2013
Net income was $21 million compared to $19 million for the third quarter of 2013.
Adjusted net income* was $22 million, or $0.54 per diluted share, compared to $19 million, or $0.48 per diluted share, for the third quarter of 2013.
Adjusted EBITDA* was $42 million, up 25 percent compared to $33 million for the third quarter of 2013.
“We are pleased with the success of our growth strategies, which produced strong revenue and profit growth this quarter,” said TrueBlue CEO, Steve Cooper. “Our team continues to focus on providing more value to customers through the specialized services we offer. In addition, we have a proven track record of acquiring companies with complementary service offerings that enable our customers to better manage their workforce.”
TrueBlue completed its acquisition of Seaton on June 30, 2014, the first day of its third quarter. TrueBlue refers to Seaton’s industry-leading brands, Staff Management | SMX, PeopleScout and HRX, as itsOutsourcing Solutions group. TrueBlue is now the largest industrial staffing provider in the U.S.
“We are excited about the opportunities to expand our EBITDA margin through operational efficiency and the use of technology,” Cooper said. “This reduces the dependency on our branch footprint while allowing us to still deliver excellent service.”
TrueBlue has consolidated 52 branches year to date, resulting in 708 branches in operation at the end of the quarter.
TrueBlue estimates revenue in the range of $695 million to $705 million and adjusted net income* per diluted share of $0.44 to $0.49 for the fourth quarter of 2014.