TrueBlue reports Q4 and full year 2014 results
Net income for the fourth quarter of 2014 was $0.65 per diluted share, compared to $0.36 for the fourth quarter of 2013. Adjusted net income per diluted share* for the fourth quarter of 2014 was $0.52, compared to $0.35 for the fourth quarter of 2013. Adjusted EBITDA* for the fourth quarter of 2014 was $42 million, an increase of 53 percent, compared to $27 million in the fourth quarter of 2013.
The company also reported record annual revenue of $2.2 billion, an increase of 30 percent, compared to $1.7 billionfor 2013. Net income for 2014 was $1.59 per diluted share, compared to $1.11 for 2013. Adjusted net income per diluted share was $1.45 for 2014, compared to $1.08 for 2013. Adjusted EBITDA for 2014 was $116 million, an increase of 33 percent, compared to $87 million in 2013.
“Our focus has always been on providing customers with workforce solutions to improve the performance of their business,” TrueBlue CEO Steve Cooper said. “The acquisition of Seaton added new industry-leading service lines in recruitment process outsourcing (RPO), managed service provider (MSP) solutions, and on-premise staffing, which are meeting all of our performance expectations. Combined with our specialized staffing service lines, we now offer more solutions to meet our customers’ increasingly complex talent needs.”
TrueBlue acquired Seaton’s service lines, including Staff Management | SMX, PeopleScout and HRX, on June 30, 2014.
“Our teams delivered impressive results this quarter with revenue and Adjusted EBITDA growth of more than 50 percent,” Cooper added. “We are excited about the opportunities for growth in our specialized staffing business, and also about the new workforce solutions we have to connect people and work.”
TrueBlue estimates revenue in the range of $556 million to $570 million and adjusted net income per diluted share of $0.10 to $0.15 for the first quarter of 2015.