Daily News
View All NewsVolt revenue up 4.5% in fiscal Q1, gross margin improves
Volt Information Sciences Inc. (NYSEAMERICAN: VOLT) reported revenue rose 4.5% on an adjusted basis in its fiscal first quarter ended Jan. 30. Adjusted revenue excludes business sold or exited and takes into account the effects of foreign currency. Volt announced earnings today after its announcement Monday that it struck a deal to be acquired by ACS.
Gross margin improved.
“I am very pleased with yet another quarter of strong performance, propelling our positive growth trajectory despite the labor supply challenges,” President and CEO Linda Perneau said.
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % change on adjusted basis |
| Net revenue | $226,928 | $217,958 | 4.1% | 4.5% |
| Gross margin | $35,093 | $32,682 | 7.4% | |
| Gross margin percentage | 15.5% | 15.0% | ||
| Net loss | ($1,219) | ($2,446) | nm |
North American staffing revenue rose due to business wins in a combination of retail and midmarket clients along with expansion of business at existing clients and improvements in direct-hire revenue, Volt reported.
International revenue growth was fueled by increased direct-hire revenue in the UK and Singapore as well as increases in other staffing business in France, Belgium and the UK.
North American MSP revenue posted a slight increase attributable to demand in its payroll service business that was offset by a decrease in managed service revenue.
Revenue by segment
| (US$ thousands) | Q1 2022 | Q1 2021 | % change | % change on adjusted basis |
| North American staffing | $191,196 | $184,216 | 3.8% | 3.8% |
| International staffing | $26,018 | $24,013 | 8.3% | 12.3% |
| North American MSP | $9,709 | $9,669 | 0.4% | 0.4% |
Share price and market cap
Shares in Volt were up 0.34% to $5.90 as of 1:24 p.m. Eastern time; they were 0.34% below their 52-week high set on Monday, according to FT.com. The company had a market cap of $129.9 million.