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Robert Half's (RHI) Q4 Earnings Beat Estimates, Decline Y/Y
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Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings of $1.37 per share beat the consensus mark by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the consensus mark by 0.6% and decreased 2.4% year over year.
The company’s shares have declined 26.8% over the past year compared with the 16% decline of the industry it belongs to.
Talent Solutions Revenues Down, Protiviti Up
Talent solutions’ revenues of $1.23 billion decreased 1% year over year on an as-adjusted basis. U.S. Talent Solutions’ revenues of $964 million were down 2% year over year. Non-U.S. Talent Solutions revenues increased 5% year over year on an adjusted basis to $264 million.
Protiviti revenues came in at $499 million, up 4% year over year on an as-adjusted basis. U.S. Protiviti revenues of $401 million increased 4% year over year on an adjusted basis. Non-U.S. Protiviti revenues of $98 million also increased 4% year over year on an as-adjusted basis.
The quarter had 61.2 billing days compared with 61.7 billing days in the year-ago quarter. At present, Robert Half operates 317 talent solutions locations worldwide, with 86 locations situated in 18 countries outside the United States.
Currency exchange rate movements decreased total revenues by $39 million, Talent Solutions revenues by $27 million and Protiviti revenues by $12 million.
Margins Contract
Adjusted gross profit in the quarter was $723.2 million, down 3.2% year over year. Adjusted gross profit margin of 41.9% declined 30 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 $658.6 million compared with $593.3 million witnessed at the previous-quarter end. The company generated $202 million in cash from operations while capital expenditures were $12.5 million. It paid out $47 million in dividends and repurchased shares worth $61 million in the reported period.
Robert Half International Inc. Price, Consensus and EPS Surprise
For the first quarter of 2023, Robert Half expects revenues of $1.685-$1.765 billion, the midpoint ($1.725 billion) of which is lower than the current Zacks Consensus Estimate of $1.74 billion.
EPS is expected between $1.1 and $1.2, the midpoint ($1.15) of which is lower than the current Zacks Consensus Estimate of $1.17.
Currently, Robert Half carries a Zacks Rank #4 (Sell).
Investors interested in the broader Zacks Business Services sector can consider stocks like Trane Technologies (TT - Free Report) , Waste Management (WM - Free Report) and Republic Services (RSG - Free Report) , which are going to report fourth-quarter 2022 numbers soon.
Trane Technologies is set to release its results on Feb 2. The stock has an expected earnings growth rate of 17.9% for 2022.
Trane Technologies has a long-term expected earnings growth of 11%.
Waste Management is set to report quarterly numbers on Feb 1. The stock has an expected earnings growth rate of 17.8% for 2022.
Waste Management has a long-term expected earnings growth of 12.6%.
Republic Services is set to report results on Feb 15. The stock has an expected earnings growth rate of 15.6% for the current year.
Republic Services has a long-term expected earnings growth of 11.3%.
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Robert Half's (RHI) Q4 Earnings Beat Estimates, Decline Y/Y
Robert Half International Inc. (RHI - Free Report) reported mixed fourth-quarter 2022 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.
Quarterly earnings of $1.37 per share beat the consensus mark by 1.5% but declined 9.3% year over year. Revenues of $1.73 billion missed the consensus mark by 0.6% and decreased 2.4% year over year.
The company’s shares have declined 26.8% over the past year compared with the 16% decline of the industry it belongs to.
Talent Solutions Revenues Down, Protiviti Up
Talent solutions’ revenues of $1.23 billion decreased 1% year over year on an as-adjusted basis. U.S. Talent Solutions’ revenues of $964 million were down 2% year over year. Non-U.S. Talent Solutions revenues increased 5% year over year on an adjusted basis to $264 million.
Protiviti revenues came in at $499 million, up 4% year over year on an as-adjusted basis. U.S. Protiviti revenues of $401 million increased 4% year over year on an adjusted basis. Non-U.S. Protiviti revenues of $98 million also increased 4% year over year on an as-adjusted basis.
The quarter had 61.2 billing days compared with 61.7 billing days in the year-ago quarter. At present, Robert Half operates 317 talent solutions locations worldwide, with 86 locations situated in 18 countries outside the United States.
Currency exchange rate movements decreased total revenues by $39 million, Talent Solutions revenues by $27 million and Protiviti revenues by $12 million.
Margins Contract
Adjusted gross profit in the quarter was $723.2 million, down 3.2% year over year. Adjusted gross profit margin of 41.9% declined 30 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 $658.6 million compared with $593.3 million witnessed at the previous-quarter end. The company generated $202 million in cash from operations while capital expenditures were $12.5 million. It paid out $47 million in dividends and repurchased shares worth $61 million in the reported period.
Robert Half International Inc. Price, Consensus and EPS Surprise
Robert Half International Inc. price-consensus-eps-surprise-chart | Robert Half International Inc. Quote
Q1 Guidance
For the first quarter of 2023, Robert Half expects revenues of $1.685-$1.765 billion, the midpoint ($1.725 billion) of which is lower than the current Zacks Consensus Estimate of $1.74 billion.
EPS is expected between $1.1 and $1.2, the midpoint ($1.15) of which is lower than the current Zacks Consensus Estimate of $1.17.
Currently, Robert Half carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Investors interested in the broader Zacks Business Services sector can consider stocks like Trane Technologies (TT - Free Report) , Waste Management (WM - Free Report) and Republic Services (RSG - Free Report) , which are going to report fourth-quarter 2022 numbers soon.
Trane Technologies is set to release its results on Feb 2. The stock has an expected earnings growth rate of 17.9% for 2022.
Trane Technologies has a long-term expected earnings growth of 11%.
Waste Management is set to report quarterly numbers on Feb 1. The stock has an expected earnings growth rate of 17.8% for 2022.
Waste Management has a long-term expected earnings growth of 12.6%.
Republic Services is set to report results on Feb 15. The stock has an expected earnings growth rate of 15.6% for the current year.
Republic Services has a long-term expected earnings growth of 11.3%.