Kelly Services’ revenues dip slightly YoY
Kelly Services has announced results for the second quarter of 2016.
Carl T. Camden, president and chief executive officer, announced revenue for the second quarter of 2016 totalled $1.4 billion, a 0.7% decrease (a 0.6% increase on a constant currency basis) compared to the corresponding quarter of 2015.
Earnings from operations for the second quarter of 2016 totalled $9.9 million, compared to $11.5m reported for the second quarter of 2015. Included in the results of operations in the second quarter of 2016 are restructuring charges of $3.4m. Excluding the restructuring charges, earnings from operations were $13.3m in the second quarter of 2016.
Diluted earnings per share in the second quarter of 2016 were $0.23 compared to $0.18 per share in the second quarter of 2015. Excluding restructuring charges, earnings per share were $0.29 in the second quarter of 2016.
Commenting on the second quarter, Camden stated, "We are pleased with Kelly's ability to deliver strategic growth, improve Gross Profit, and increase shareholder value in the second quarter. The finalization of our Joint Venture in APAC positions us for growth in staffing-related services while enabling us to accelerate investments in OCG, which remains a Kelly-owned entity."
Referring to the apparent slow-down in U.S. staffing demand facing the workforce solutions industry in the second quarter, Camden commented, "Kelly responded quickly to flat top-line growth in the Americas by managing Gross Profit, adjusting our operating costs, and delivering solid leverage. We remain committed to increasing shareholder value by efficiently delivering the best workforce solutions for our customers around the world."
Kelly also reported that on 9th August its board of directors declared a dividend of $0.075 per share. The dividend is payable on 2nd September 2016 to shareholders of record as of the close of business on 23rd August 2016.