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Kelly First-Quarter Revenue Rises 19%

May 11 2011

Kelly Services Inc. (NASD: KELYA) reported revenue rose 18.5 percent in its first quarter ended April 3 to $1.34 billion from $1.13 billion in the first quarter of last year.

“We continue to see evidence of a solid, sustainable economic recovery. Kelly’s revenue growth for the period certainly confirms that we are on track for a profitable year,” said President and CEO Carl Camden. “Until full confidence is restored, and employers remain cautious about ramping up too aggressively, this environment seems to favor the staffing industry — and we intend to capitalize on the opportunities presented.”

First-quarter revenue in Kelly’s Americas Commercial segment rose 19.3 percent year over year to $653.3 million. First-quarter revenue in the Americas Professional and Technical segment rose 17.0 percent to $240.6 million.

Kelly’s first-quarter U.S. revenue rose 18.2 percent to $839.7 million. Revenue in Canada rose 9.2 percent on a constant currency basis to $59.4 million.

Mexico and Puerto Rico are also included in Kelly’s North American operations. Mexican first-quarter revenue rose 25.0 percent on a constant currency basis to $25.1 million, and Puerto Rican first-quarter revenue rose 49.6 percent to $22.1 million.

First-quarter revenue in Kelly’s Europe, Middle East and Africa region rose 11.3 percent in constant currency to $278.3 million. Asia Pacific revenue rose 16.3 percent in constant currency to $114.5 million.

First-quarter gross margin edged up to 16.0 percent from 15.9 percent in the first quarter of last year.

Kelly posted first-quarter net income of $1.1 million, compared with a loss of $2.0 million in the first quarter of 2010.

Kelly Services Inc. (NASD: KELYA)
For the first quarter ended April 3, 2011, compared with the same period in the previous year.
Revenue: $1.34 billion, +18.5 percent
Net income: $1.1 million vs. net loss of $2.0 million

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