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TrueBlue’s Q2 revenue up 7% YoY

Washington-based TrueBlue, Inc. has released its results for the second quarter of 2016.

 

The company reported that its revenue Q2 2016 was $673m, an increase of 7%, compared to revenue of $628 m for Q2 2015. Net loss for the second quarter was $64m or $1.53 per diluted share, compared to net income of $17m or $0.42 per diluted share for the second quarter of 2015. Adjusted net income for both the second quarter of 2016 and the second quarter of 2015 was $21m or $0.51 per diluted share. Adjusted EBITDA for both the second quarter of 2016 and the second quarter of 2015 was $37m.

 

Included in the results for the second quarter is a non-cash goodwill and intangible charge of $99m which is equivalent to $80m after tax or $1.91 per diluted share. The company states that the impairment was primarily driven by a change in the scope of services with its largest customer as reported by TrueBlue in April 2016 and other changes in outlook reflecting recent economic and industry conditions.

 

TrueBlue CEO, Steve Cooper, commented, “Although we reported a net loss in the quarter due to the impairment, adjusted EBITDA results exceeded our expectation.

 

“Revenue trends have been mixed this year, but we have managed our costs and are pleased with how our teams have continued to improve the spread between our bill rates and pay rates. We are taking the right steps to preserve our profit margin and continue producing long-term growth for shareholders.”

 

The company also shared its outlook for the third quarter of 2016:

 

*             Revenue of $717m to $733m

*             Net income of $24m to $26m ($31m to $33m on an adjusted basis)

*             Net income per diluted share of $0.57 to $0.62 ($0.73 to $0.78 on an adjusted basis)

*             Adjusted EBITDA of $51m to $54m

 

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