Kelly Services® Reports Third Quarter Earnings
· Q3 revenue up 1.0%; up 1.9% in constant currency
· Q3 operating earnings up 21% from last year
· Q3 earnings per share of $0.84, or $0.56 on an adjusted basis, compared to $0.58 last year
Kelly Services has announced its results for the third quarter of 2018.
George S. Corona, President and Chief Executive Officer, announced revenue for the third quarter of 2018 totaled $1.3 billion, a 1.0% increase, or 1.9% in constant currency, compared to the corresponding quarter of 2017.
Earnings from operations for the third quarter of 2018 totaled $21.9 million, compared to the $18.2 million reported for the third quarter of 2017.
Diluted earnings per share in the third quarter of 2018 were $0.84 compared to earnings per share of $0.58 in the third quarter of 2017. Included in earnings per share in the third quarter of 2018 is the favorable impact of $0.28 due to the non-cash after-tax gain 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 gain on Persol Holdings common stock net of tax, diluted earnings per share for the quarter were $0.56.
“The company performed well in the third quarter despite the continuing tight labor market,” said Kelly Services President and CEO George S. Corona. “Our teams are working on new and innovative ways to close the labor supply gap and we are taking the actions necessary to deliver on the bottom line while continuing to invest in technology for our future. Given the current economic environment we will carefully manage our business with a focus on adding value to our clients and improving our profitability,” he said.
Kelly also reported that on November 7, its board of directors declared a dividend of $0.075 per share. The dividend is payable December 6, 2018 to shareholders of record as of the close of business on November 21, 2018.