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View All NewsBarrett Q3 revenue up 3% but staffing revenue falls
November 07, 2018
Barrett Business Services Inc. (NASD: BBSI) revenue rose 3.0% in the third quarter with the growth coming from its PEO division. However, staffing services revenue fell at the Vancouver, Wash.-based company.
Gross margin improved to 24.1%, and net income increased.
| (US$ thousands) | Q3 2018 | Q3 2017 | % change |
| Revenue | $247,287 | $240,135 | 3.0% |
| Gross margin | $59,685 | $54,917 | 8.7% |
| Gross margin percentage | 24.1% | 22.9% | |
| Net income | $19,087 | $14,785 | 29.1% |
Quote
“We achieved record earnings in the third quarter, validating the leverage in our business model,” said President and CEO Mike Elich. “We also continued to build width in our client base, adding 218 net new clients in the quarter.”
Revenue by segment
| (US$ thousands) | Q3 2018 | Q3 2017 | % change |
| Professional employer service fees | $206,320 | $197,388 | 4.5% |
| Staffing services | $40,967 | $42,747 | -4.2% |
Share price and market cap
Barrett shares rose 9.16% to $74.04 at 12:12 p.m. Eastern time today; the company had a market cap of $499.22 million, according to FT.com.