Robert Half International Inc. ( RHI Quick Quote RHI - Free Report) reported impressive first-quarter 2021 results, with earnings and revenues beating the Zacks Consensus Estimate.
Quarterly earnings of 98 cents per share beat the consensus mark by 22.5% and were up 24.1% year over year. Revenues of $1.4 billion surpassed the consensus mark by 3.3% but declined 7.2% year over year on a reported basis and 7.6% on an adjusted basis.
Notably, the company’s shares have appreciated a massive 99.5% over the past year, outperforming the78.5% rally of the
industry it belongs to. Staffing Revenues Decline, Protiviti Up Global Staffing revenues of $1 billion declined 17.5% year over year on a reported and 17.8% on an adjusted basis. U.S. staffing revenues of $759 million were down 19.6% on a reported and 18.6% on an adjusted basis. Non-U .S. staffing revenues declined 10.1% on a reported and 14.8% on an adjusted basis to $242 million. Currency exchange rate movements increased staffing revenues by $17 million.
The quarter had 62.3 billing days compared with 63.1 in the year-ago quarter. At present, Robert Half operates 322 staffing locations worldwide, with 86 locations situated in 17 countries outside the United States.
Protiviti revenues came in at $397 million, increasing 35.1% year over year on a reported basis and 40.7% on an adjusted basis. The U.S. Protiviti revenues of $316 million increased 35.5% year over year on a reported basis and 37.1% on an adjusted basis. Non-U.S. Protiviti revenues of $81 million increased 33.8% on a reported basis and 26.1% on an adjusted basis. Margins Expand
Gross profit in the quarter was $561.7 million, down 8.6% year over year. Gross margin of 40.2% declined 60 basis points year over year. Operating income came in at $151 million with an operating margin of 10.8%.
Robert Half International Inc. Price, Consensus and EPS Surprise Key Balance Sheet and Cash Flow Figures
Robert Half ended the quarter with cash and cash equivalents balance of $498 million compared with $547 million witnessed at the end of the previous quarter. The company generated $68 million of cash from operations and capital expenditures were $9.7 million. It paid out $44 million in dividends and repurchased shares worth $61 million in the reported period.
For the second quarter of 2021, Robert Half expects revenues in the range of $1.435 billion to $1.515 billion, the midpoint ($1.475 billion) of which is higher than the Zacks Consensus Estimate of $1.38 billion.
EPS is expected between $1 and $1.1, the midpoint ($1.05) of which is higher than the Zacks Consensus Estimate of 80 cents.
Currently, Robert Half carries a Zacks Rank #2 (Buy).
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. the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here Recent Performance of Some Other Business Services Companies Equifax ( EFX Quick Quote EFX - Free Report) reported better-than-expected first-quarter 2021 results. Adjusted earnings of $1.97 per share beat the Zacks Consensus Estimate by 29.6% and improved on a year-over-year basis. Revenues of $1.21 billion outpaced the consensus estimate by 7.9% and improved 26.6% year over year. IHS Markit ( INFO Quick Quote INFO - Free Report) first-quarter fiscal 2021 adjusted earnings per share of 71 cents beat the consensus mark by 1.4% and increased 7.6% on a year-over-year basis. Total revenues came in at $1.12 billion, surpassing the consensus mark by 1% and increasing 3.6% from the year-ago quarter. Omnicom ( OMC Quick Quote OMC - Free Report) reported first-quarter 2021 adjusted earnings of $1.33 per share that beat the consensus mark by 16.7% and increased 11.8% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 3.6% and increased marginally year over year. These Stocks Are Poised to Soar Past the Pandemic
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