Daily News
View All NewsBarrett Business Services revenue increases 12.4% in second quarter
Barrett Business Services Inc. (NASDAQ: BBSI), a provider of staffing and PEO services, reported revenue rose 12.4% in the second quarter. Staffing revenue rose 21.4% at the Vancouver, Washington-based firm.
(US$ thousands) | Q2 2022 | Q2 2021 | % change |
Revenue | 262,179 | 233,203 | 12.4% |
Gross margin | 66,885 | 57,473 | 16.4% |
Gross margin percentage | 25.5% | 24.6% | |
Net income | 18,014 | 17,090 | 5.4% |
“Our strong performance trends have continued across the business, and we have once again exceeded our expectations for the quarter,” Barrett President and CEO Gary Kramer said.
Total gross billings rose 14.2% to $1.83 billion in the second quarter. Gross billings include direct payroll costs for the company’s PEO business.
Barrett also noted the average number of PEO worksite employees in the quarter rose 8.8% to 122,234.
Revenue by business line
(US$ thousands) | Q2 2022 | Q2 2021 | % change |
PEO service fee revenue | 232,174 | 208,496 | 11.4% |
Staffing services revenue | 30,005 | 24,707 | 21.4% |
Guidance
Barrett forecast gross billings for full-year 2022 to rise by between 11% and 13%, an increase from prior guidance of between 10% and 12%.
Average number of worksite employees is forecast to grow by between 3.05% and 3.15% for the year. That’s also up from the previous forecast, which had called for an increase of between 4% and 6%.
Share price and market cap
Shares in Barrett were up 1.59% to $82.03 as of 12:20 p.m. Eastern time; they were 5.52% below their 52-week high, according to FT.com. The company had a market cap of $591.1 million.