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Robert Half's (RHI) Q1 Earnings Surpass Estimates, Decline Y/Y
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Robert Half International Inc. (RHI - Free Report) reported mixed first-quarter 2024 results, wherein earnings beat the Zacks Consensus Estimate, but revenues miss the same.
Quarterly earnings of 61 cents per share beat the consensus mark by 1.7% but declined 46.5% year over year. Revenues of $1.48 billion missed the consensus mark by a slight margin and decreased 14% year over year.
The company’s shares have depreciated 19.7% year to date against the 10.8% decline in the industry it belongs to.
Robert Half Inc. Price, Consensus and EPS Surprise
Talent Solutions’ revenues of $1 billion decreased 17% year over year on an as-adjusted basis and came in slightly below our estimate. U.S. Talent Solutions’ revenues of $764 million were down 19% year over year. Non-U.S. Talent Solutions revenues decreased 10% year over year on an adjusted basis to $248 million.
Protiviti revenues came in at $464 million, down 5% year over year on an as-adjusted basis and below our expectation of $468.2 million. The U.S. Protiviti revenues of $378 million declined 4% year over year on an adjusted basis. Non-U.S. Protiviti revenues of $86 million declined 10% year over year on an as-adjusted basis.
The quarter had 62.8 billing days compared with 63.3 billing days in the year-ago quarter. At present, Robert Half operates 315 talent solutions locations worldwide, with 91 locations situated in 17 countries outside the United States.
Currency exchange rate movements increased total revenues by $2 million, Talent Solutions revenues by nearly $2 million and Protiviti revenues slightly.
Margins Contract
Adjusted gross profit in the quarter was $571.1 million, down 17.2% year over year. Adjusted gross profit margin of 40.2% declined 210 basis points year over year.
Key Balance Sheet and Cash Flow Figures
Robert Half ended the quarter with a cash and cash equivalent balance of $540.9 million compared with $547.7 million witnessed at the previous-quarter end. Capital expenditures were $11.8 million. It paid out $58 million in dividends and repurchased shares worth $60 million in the reported period.
Q2 Guidance
For the second quarter of 2024, Robert Half expects revenues of $1.45-$1.55 billion. The current Zacks Consensus Estimate is pegged at $1.55 billion.
EPS is expected between 63 cents and $77 cents. The current Zacks Consensus Estimate of 79 cents is pegged higher than the guided range.
Currently, Robert Half carries a Zacks Rank #3 (Hold).
Omnicom (OMC - Free Report) reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.
Equifax (EFX - Free Report) reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
EFX’s adjusted earnings were $1.5 per share, beating the Zacks Consensus Estimate by 4.2% and increasing 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
ManpowerGroup (MAN - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and dipped 7% year over year.
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Robert Half's (RHI) Q1 Earnings Surpass Estimates, Decline Y/Y
Robert Half International Inc. (RHI - Free Report) reported mixed first-quarter 2024 results, wherein earnings beat the Zacks Consensus Estimate, but revenues miss the same.
Quarterly earnings of 61 cents per share beat the consensus mark by 1.7% but declined 46.5% year over year. Revenues of $1.48 billion missed the consensus mark by a slight margin and decreased 14% year over year.
The company’s shares have depreciated 19.7% year to date against the 10.8% decline in the industry it belongs to.
Robert Half Inc. Price, Consensus and EPS Surprise
Robert Half Inc. price-consensus-eps-surprise-chart | Robert Half Inc. Quote
Talent Solutions, Protiviti Revenues Down
Talent Solutions’ revenues of $1 billion decreased 17% year over year on an as-adjusted basis and came in slightly below our estimate. U.S. Talent Solutions’ revenues of $764 million were down 19% year over year. Non-U.S. Talent Solutions revenues decreased 10% year over year on an adjusted basis to $248 million.
Protiviti revenues came in at $464 million, down 5% year over year on an as-adjusted basis and below our expectation of $468.2 million. The U.S. Protiviti revenues of $378 million declined 4% year over year on an adjusted basis. Non-U.S. Protiviti revenues of $86 million declined 10% year over year on an as-adjusted basis.
The quarter had 62.8 billing days compared with 63.3 billing days in the year-ago quarter. At present, Robert Half operates 315 talent solutions locations worldwide, with 91 locations situated in 17 countries outside the United States.
Currency exchange rate movements increased total revenues by $2 million, Talent Solutions revenues by nearly $2 million and Protiviti revenues slightly.
Margins Contract
Adjusted gross profit in the quarter was $571.1 million, down 17.2% year over year. Adjusted gross profit margin of 40.2% declined 210 basis points year over year.
Key Balance Sheet and Cash Flow Figures
Robert Half ended the quarter with a cash and cash equivalent balance of $540.9 million compared with $547.7 million witnessed at the previous-quarter end. Capital expenditures were $11.8 million. It paid out $58 million in dividends and repurchased shares worth $60 million in the reported period.
Q2 Guidance
For the second quarter of 2024, Robert Half expects revenues of $1.45-$1.55 billion. The current Zacks Consensus Estimate is pegged at $1.55 billion.
EPS is expected between 63 cents and $77 cents. The current Zacks Consensus Estimate of 79 cents is pegged higher than the guided range.
Currently, Robert Half carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Results From Some Service Providers
Omnicom (OMC - Free Report) reported impressive first-quarter 2024 results, wherein both earnings and revenues beat the Zacks Consensus Estimate.
OMC’s earnings of $1.67 per share beat the consensus estimate by 9.9% and increased 7.1% year over year. Total revenues of $3.6 billion surpassed the consensus estimate by 1.6% and increased 5.4% year over year.
Equifax (EFX - Free Report) reported mixed first-quarter 2024 results, wherein earnings surpassed the Zacks Consensus Estimate, but revenues missed the same.
EFX’s adjusted earnings were $1.5 per share, beating the Zacks Consensus Estimate by 4.2% and increasing 4.9% from the year-ago quarter. Total revenues of $1.4 billion missed the consensus estimate by a slight margin but increased 6.7% from the year-ago quarter.
ManpowerGroup (MAN - Free Report) reported mixed first-quarter 2024 results, with earnings beating the Zacks Consensus Estimate but revenues missing the same.
Quarterly adjusted earnings of 94 cents per share surpassed the consensus mark by 4.4% but declined 41.6% year over year. Revenues of $4.4 billion lagged the consensus mark by 0.6% and dipped 7% year over year.