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View All NewsVolt Information Sciences revenue rises 17% in fiscal Q3
Volt Information Sciences Inc. (NYSEAMERICAN: VOLT) reported revenue rose 17.0% in its fiscal third quarter ended Aug. 1. The increase was 15.5% on an adjusted basis, which excludes businesses exited and the effect of foreign currency translation.
“Despite lingering Covid-related labor and supply chain challenges, we continued our momentum with broad-based improvements across our organization, further narrowing the gap to third quarter 2019 levels,” President and CEO Linda Perneau said.
Net revenue by segment
| (US$ thousands) | Q3 2021 | Q3 2020 | % change | % change on adjusted basis |
| Net revenue | $217,534 | $185,941 | 17.0% | 15.5% |
| Gross margin | $36,200 | $29,958 | 20.8% | |
| Gross margin percentage | 16.6% | 16.1% | ||
| Net income/loss | $615 | ($4,837) | nm |
Third-quarter revenue at Volt rose across segments.
North American staffing revenue increased amid business wins among a combination of retail and mid-market clients along with expansions of business at existing business.
The increase in international staffing revenue was due to increases in payroll service and staffing business primarily in the United Kingdom and France and direct hire revenue in the United Kingdom and Singapore.
North American MSP recorded increased demand in its payroll service business.
Revenue by segment
| (US$ thousands) | Q3 2021 | Q3 2020 | % change | % change on adjusted basis |
| North American staffing | $179,381 | $154,711 | 15.9% | |
| International staffing | $28,256 | $21,749 | 29.9% | 17.3% |
| North American MSP | $9,790 | $9,436 | 3.8% |
Share price and market cap
Shares in Volt were down 6.49% to $3.89 as of 12:26 p.m. Eastern time; they have been trading in a range of $3.85 to $4.15 over the last 12 months. The company has a market cap of $87.2 million.