Friday, August 12, 2022
Kelly Services (KELYA)
Calling All Workers
Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2Q22. Revenue of $1.267.3 billion was up 0.7% year-over-year (2.7% in constant currency). Consensus was $1.28 billion and we were at $1.29 billion. Kelly reported operating earnings of $8.2 million ($22.3 million adjusted) compared to $13.7 million a year ago. We were at $23 million. GAAP EPS was $0.06 compared to $0.60. Adjusted EPS for the second quarter was $0.45 versus $0.49 last year. We had projected adjusted EPS of $0.49.
Demand for Talent. Demand for talent remains high, even in the face of economic uncertainty. We would highlight a 33.2% y-o-y increase in permanent placement fees, typically a more sensitive barometer of demand. The Company continues to explore a multitude of ways to supply the demanded talent to its clients.…
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
