TrueBlue Q3 revenue up 22%, reports strong demand

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October 26, 2021

TrueBlue Inc. (NYSE: TBI) reported strong demand over the last three months. Third-quarter revenue rose 21.6% year over year at the Tacoma, Washington-based provider of industrial staffing and recruitment process outsourcing.

“We are seeing businesses of all types turning to flexible workforce solutions as they grapple with worker supply challenges and a variety of uncertainties related to the Covid-19 business environment,” CEO Patrick Beharelle said.  

(US$ thousands) Q3 2021 Q3 2020 % change
Revenue $577,031 $474,530 21.6%
Gross profit $146,502 $110,464 32.6%
Gross margin percentage 25.4% 23.3%  
Net income $18,642 $8,795 112.0%

“PeopleScout exceeded pre-pandemic revenue during the quarter, PeopleManagement new business wins have been exceptionally strong throughout the year and PeopleReady revenue growth accelerated as we entered October,” Beharelle said.

Revenue by segment

(US$ thousands) Q3 2021 Q3 2020 % change
PeopleReady $349,056 $293,546 18.9%
PeopleManagement $157,789 $147,241 7.2%
PeopleScout $70,186 $33,743 108.0%

TrueBlue also noted the number of client users on its JobStack platform rose 11% year over year in the third quarter to 29,100. There were 940,000 shifts filled on the platform.

Guidance

TrueBlue did not providing customary revenue guidance. However, it reported:

  • Total staffing revenue rose 12% during the first three weeks of October compared to 10% in September.
  • PeopleReady revenue rose 17% in the first three weeks of October compared to 14% in September.
  • PeopleManagement revenue rose 1% during the first three weeks of October compared to 2% in September.

New board member

TrueBlue also announced Monday that it appointed Sonita Lontoh to its board, effective immediately. Lontoh has more than 20 years of experience as a global technology marketing executive. She currently holds the role of global head of marketing, personalization and 3D printing at HP Inc. She also serves on the board of Sunrun Inc., a residential solar power company.

Share price and market cap

Shares in TrueBlue were down 10.8% to $29.16 as of 12:07 p.m. Eastern time; they were 11.39% below their 52-week high, according to FT.com. The company had a market cap of $1.16 billion.

http://www2.staffingindustry.com/site/Editorial/Daily-News/TrueBlue-Q3-revenue-up-22-reports-strong-demand-59517

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