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View All NewsTrueBlue cites growth among small-, mid-sized clients; revenue up 17%
TrueBlue Inc. (NYSE: TBI) reported widespread growth in its business aimed small- and mid-sized customers in the fourth quarter and announced its construction vertical posted double-digit sales growth. Fourth-quarter revenue rose 17.3% to $810.7 million. On an organic basis, excluding acquisitions, revenue rose 14%.
| (US$ thousands) | Q4 2015 | Q4 2014 | % change |
| Revenue from services | $810,733 | $691,390 | 17.3% |
| Gross profit | $185,004 | $158,238 | 16.9% |
| Gross margin percentage | 22.8% | 22.9% | |
| Net income | $28,168 | $27,027 | 4.2% |
The Tacoma, Wash.-based company provides industrial staffing, RPO and MSP services.
Quote
“We continue to invest in business growth and our new acquisitions combine well with our existing business to put us in a strong position as we head into 2016,” TrueBlue CEO Steve Cooper said.
“We believe the RPO market has tremendous potential on a worldwide scale, which is why we are so pleased that we could bring the RPO operations of one of the industry’s global leaders to our RPO brand PeopleScout,” Cooper said. “In addition, the SIMOS acquisition really complements the work Staff Management | SMX is doing to offer businesses large scale, on premise management with a focus on improving productivity.”
Revenue by segment
| (US$ thousands) | Q4 2015 | Q4 2014 | % change |
| Revenue from staffing services | $783,732 | $668,082 | 17.3% |
| Revenue from managed services | $27,001 | $23,308 | 15.8% |
Managed services consists primarily of recruitment process outsourcing and includes managed service provider solutions.
Full-year results
| (US$ thousands) | 2015 | 2014 | % growth |
| Revenue from services | $2,695,680 | $2,174,045 | 24.0% |
| Gross profit | $635,673 | $536,979 | 18.4% |
| Gross margin percentage | 23.6% | 24.7% | |
| Net income | $71,247 | $65,675 | 8.5% |
Guidance
TrueBlue reported first-quarter revenue should range from $660 million to $675 million, a year-over-year increase of between 15% and 18%.
Share price and market cap
Shares in TrueBlue rose 7.43% in late morning trading to $22.98, according to Yahoo! The company had a market cap of $964.42 million.