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Kelly Revenue Rises 5%

February 02 2012

Kelly Services Inc. (NASD: KELYA) reported fourth-quarter revenue rose 5.3 percent to $1.4 billion from $1.33 billion in the fourth quarter of last year.

Fourth-quarter revenue at Kelly’s Americas Commercial segment rose 4.5 percent year over year to $675.6 million. Fourth-quarter revenue in the Americas Professional and Technical segment rose 6.0 percent to $243.7 million.

Fourth-quarter revenue in Kelly’s outsourcing and consulting group division rose 25.9 percent to $94.4 million. KellyOCG includes recruitment process outsourcing, managed services, independent contractor compliance, executive search, outplacement and other services.

Kelly’s fourth-quarter U.S. revenue rose 6.5 percent to $883.8 million. Revenue in Canada was $60.9 million, up 8.4 percent, or 9.4 percent on a constant-currency basis.

Mexico and Puerto Rico are also included in Kelly’s North American operations. Mexican fourth-quarter revenue fell 5.0 percent (up 4.8 percent on a constant currency basis) to $26.2 million, and Puerto Rican fourth-quarter revenue rose 14.2 percent to $25.9 million.

Fourth-quarter revenue in Kelly’s Europe, Middle East and Africa region rose 5.4 percent to $290.6 million; it was up 4.4 percent in constant currency. Asia Pacific revenue fell 4.4 percent (4.0 percent in constant currency) to $108.9 million.

Fourth-quarter gross margin remained even at 16.3 percent from the year-ago period.

Kelly posted fourth-quarter net income of $24.1 million, compared to $14.6 million reported for the fourth quarter of 2010.

Revenue for the full year totaled $5.55 billion, a 12.1 percent increase over $4.95 billion in 2010. Gross margin for the full year was 16.1 percent, a 0.1 percentage-point increase from 16.0 percent in 2010.

Net earnings for 2011 totaled $63.7 million, up 144.2 percent from $26.1 million in 2010.

Kelly Services Inc. (NASD: KELYA)
For the fourth quarter ended Dec. 31, 2011, compared with the same period in the previous year.
Revenue: $1.4 billion, +5.3 percent
Net income: $24.1 million, +65.1 percent

For the 2011 fiscal year ended Jan. 2, 2012, compared with the previous year:
Revenue: $5.55 billion, +12.1 percent
Net income: $63.7 million, +144.2 percent

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