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View All NewsKelly 3Q net income drops 15%
Kelly Services Inc. (NASD: KELYA) reported a drop of 15% in net income for the third quarter ended Sept. 30. The company posted earnings of $15.1 million for the quarter, down from $17.8 million from the same period in 2006. Revenue for the quarter totaled $1.425 billion, a 2% increase compared to the $1.397 billion for the corresponding quarter in 2006. Earnings from operations include $2.5 million of costs related to the restructuring of the company's Americas Commercial and
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"We recently announced an agreement to acquire access AG, a $15 million revenue recruiting process outsourcing firm with operations in
Some highlights of results for the company's key segments were:
- Kelly's Americas Commercial segment, which accounted for 48% of total sales, decreased 5.7% year over year in the third quarter.
- Revenue in the Americas PTSA segment, which accounted for 19% of total sales, increased 1.6% year over year in the third quarter.
- Revenue in the International Commercial segment, which accounted for 29% of total sales, increased 13.8% year over year in the third quarter. On a constant currency basis, revenue increased 5.8%.
- Revenue in the International PTSA segment, which accounted for 4% of total sales, increased 40.4% year over year in the third quarter. On a constant currency basis, revenue increased 30.3%.
For the full year of 2007, Kelly is forecasting earnings will range between $1.61 and $1.66 per share, compared to $1.56 per share from continuing operations in 2006. The range excludes the gain on the sale of the Home Care business and the
Kelly Services Inc. (NASD: KELYA)
For the third quarter ended Sept. 30, compared with the same period in 2006
Revenue: $1.425 billion, +2%
Net income: $15.1 million, -15%