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TrueBlue revenue rises 14%

April 22, 2014

Industrial staffing firm TrueBlue Inc. (NYSE: TBI) reported first-quarter revenue rose 14.3 percent year over year to $396.1 million. Net income was approximately $1.7 million in the first quarter compared to a net loss of approximately $1.1 million in the same quarter last year.

TrueBlue is controlling costs and operating more efficiently, said CEO Steve Cooper. The Tacoma, Wash.-based company consolidated 20 branches during the first quarter and expects to consolidate another 40 over the remainder of the year.

“The demand for our services is strong and we’ve created good momentum for future earnings,” Cooper said. “We’re using new technology and innovative approaches to better serve our customers.”

Gross margin at TrueBlue edged up to 25.1 percent from 25.0 percent in the same quarter last year.

Shares in TrueBlue rose 1.45 percent in early afternoon trading to $27.91; TrueBlue has a market cap of approximately $1.10 billion, according to Yahoo!

The company estimates second-quarter revenue to range from $458 million to $468 million.

TrueBlue’s brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline.