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Robert Half Revenue Rises 14%

January 27 2012

Robert Half International Inc.’s (NYSE: RHI) fourth-quarter revenue rose 14.3 percent on a year-over-year basis to $973.5 million. The Menlo Park, Calif.-based professional staffing firm noted particularly strong demand in the technology and accounting segments.

U.S. staffing operations revenue in the fourth quarter was $618 million, up 19 percent on a year-over-year basis, the company reported in a conference call with analysts.  U.S. temporary and consulting revenue rose 17 percent in the fourth quarter, and U.S. permanent placement revenue rose 37 percent.

Revenue from international staffing operations was $246 million in the fourth quarter, a 14 percent year-over-year increase on a same-day and constant currency basis. International temporary and consulting revenue rose 13 percent, and international permanent placement revenue rose 19 percent.

 “This marks the sixth consecutive quarter of double-digit, year-over-year revenue growth for the company,” said Chairman and CEO Harold Messmer Jr. “Additionally, growth rates in net income and earnings per share have significantly exceeded revenue growth rates during this period. This reflects the ongoing strong demand for skilled talent, particularly in the technology and accounting sectors.”

Each of the company’s segments reported year-over-year increases in fourth-quarter revenue with the largest increases in Robert Half Finance & Accounting and Robert Half Technology:

  • Accountemps, up 14.0 percent to $363.8 million
  • OfficeTeam, up 12.3 percent to $195.9 million
  • Robert Half Technology, up 22.7 percent to $113.0 million
  • Robert Half Management Resources, up 13.0 percent to $116.6 million
  • Robert Half Finance & Accounting, up 26.2 percent to $74.8 million
  • Protiviti, up 5.5 percent to $109.4 million

Robert Half’s fourth-quarter gross margin improved to 39.8 percent from 38.4 percent in the year-ago quarter.

Fourth-quarter net income rose 71.9 percent to $42.6 million from $24.8 million in the fourth quarter of last year.

Full-year 2011 revenue rose 19.0 percent to $3.78 billion from $3.18 billion in 2010. Gross margin improved to 39.4 percent from 37.6 percent.

Net income for full-year 2011 rose 126.9 percent to $149.9 million from $66.1 million in the previous year.

Robert Half forecast first-quarter revenue of $960 million to $1.01 billion, a year-over-year increase of between 9.0 percent and 14.7 percent.

Robert Half International Inc. (NYSE: RHI)
For the fourth quarter ended Dec. 31, 2011, compared with the same period in 2010.
Revenue: $973.5 million, +14.3 percent
Net income: $42.6 million, +71.9 percent

For full-year 2011, ended Dec. 31, 2011, compared with the previous year.
Revenue: $3.78 billion, +19.0 percent
Net income: $149.9 million, +126.9 percent

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