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Kelly Services: Temp demand ‘accelerated’

November 10 2010

Kelly Services Inc. (NASD: KELA) reported third-quarter revenue rose 22.4% to $1.28 billion from $1.05 billion in the year-ago quarter.

“We’re very pleased that demand for temporary staffing accelerated as global economic expansion persisted and labor markets continued to slowly strengthen,” said President and CEO Carl Camden.

Kelly’s Americas Commercial segment reported a 35.5% year-over-year increase in third-quarter revenue to $633.3 million. That’s up from the 27.0% year-over-year growth in the second-quarter.

Third-quarter revenue in the Americas Professional and Technical segment rose 21.6% to $233.6 million.

Kelly’s third-quarter U.S. revenue rose 30.2% to $811.3 million. Revenue in Canada rose 17.3% to $56.7 million.

Mexico and Puerto Rico are also included in Kelly’s North American operations. Mexican third-quarter revenue rose 50.7% to $25.2 million, and Puerto Rican third-quarter revenue rose 71.1% to $21.7 million.

European revenue rose only 0.5% to $269.8 million in the third quarter. Asia Pacific revenue rose 25.1% to $100.0 million

Third-quarter gross margin improved to 16.1% from 15.8% in the third quarter of last year.

Kelly posted third-quarter net income of $9.6 million compared to a loss of $14.8 million in the third quarter of 2009.

Kelly Services Inc. (NASD: KELYA)
For the third quarter ended Oct. 3, 2010, compared with the same period in 2009.
Revenue: $1.28 billion, +22.4%
Net income: $9.6 million vs. a net loss of $14.8 million

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