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Robert Half second-quarter revenue up 2.6%

July 22 2010

Robert Half International Inc. (NYSE: RHI) reported second-quarter revenue rose 2.6% to $769.1 million from the year-ago quarter.

Revenue in the Menlo Park CA-based company's OfficeTeam division rose by 10.8% to $150.4 million and its Robert Half Finance & Accounting division recorded a 29.0% increase in revenue to $56.1 million.

Other divisions that reported increases included Robert Half Technology, up 8.6% to $81.8 million, and Protiviti, up 3.5% to $93.2 million.

However, revenue fell 5.3% in Robert Half's largest division, Accountemps, to $294.5 million. Revenue also fell at Robert Half Management Resources by 1.5% to $93.1 million.

Gross margin improved to 37.7% from 35.3%.

Second-quarter net income was $12.2 million, up from $5.4 million in the second quarter of last year.

Third-quarter revenue is expected to rise between 6% and 13% on a year over year basis to between $770 million and $820 million, according to a conference call with analysts.

The company also reported Wednesday that a court approved a settlement to a lawsuit that claimed unpaid overtime for staffing mangers in Florida, according to a filing with the U.S. Securities and Exchange Commission. Robert Half also reported it entered into a memorandum of understanding to settle another wage and hour case in California. It is also beginning mediation on two other wage and hour cases, both in California, on Aug. 10.

Robert Half International Inc. (NYSE: RHI)
For the second quarter ended June 30, 2010, compared with the same period in 2009.
Revenue: $769.1 million, +2.6%
Net income: $12.2 million, +124.9%

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