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Kelly Services® Reports Second Quarter Earnings

Financial Highlights

·         Q2 revenue up 4.0%; up 3.0% in constant currency

·         Q2 operating earnings on par with last year

·         Q2 earnings/(loss) per share of ($0.40), or $0.54 on an adjusted basis, compared to $0.47        

       

TROY, Michagon, Kelly Services a global leader in providing workforce solutions, has announced it’s results for the second quarter of 2018.

George S. Corona, President and Chief Executive Officer, announced revenue for the second quarter of 2018 totaled $1.4 billion, a 4.0% increase, or 3.0% in constant currency, compared to the corresponding quarter of 2017.
                
Earnings from operations for the second quarter of 2018 totaled $20.4 million, compared to the $20.3 million reported for the second quarter of 2017.

Diluted losses per share in the second quarter of 2018 were $0.40 compared to earnings per share of $0.47 in the second quarter of 2017.  Included in earnings per share in the second quarter of 2018 is the unfavorable impact of $0.94 due to the non-cash after-tax loss on our investment in Persol Holdings common stock.  Effective in 2018, changes in the fair value of our investment in Persol Holdings common stock are reflected as gains or losses on our Consolidated Statement of Earnings below earnings from operations.  Adjusted for the loss on Persol Holdings common stock net of tax, diluted earnings per share for the quarter were $0.54.

“We are pleased to have delivered a good quarter in line with our outlook,” said Kelly Services President and CEO George Corona. “Our top line revenue continued to grow, our gross profit rate increased over the prior year, and we made progress throughout the quarter in bringing expenses in line with the business environment.  In spite of a tight labor market, our teams around the world executed well.”

Kelly also reported that on August 8, its board of directors declared a dividend of $0.075 per share. The dividend is payable August 31, 2018 to shareholders of record as of the close of business on August 21, 2018.

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