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TrueBlue Inc. (NYSE: TBI) reported third-quarter revenue rose 18.9 percent to $451.2 million.
“This quarter’s results reflect the successful execution of our growth strategies, which include blending strong organic growth with acquisitions that increase our share of the blue-collar job market,” said CEO Steve Cooper.
Gross margin at the Tacoma, Wash.-based industrial staffing firm edged down to 27.4 percent from 27.7 percent in the same quarter last year.
Net income rose 32.1 percent to $19.0 million in the third quarter from $14.3 million in the year-ago quarter.
TrueBlue’s brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline. At the beginning of the fourth quarter, the company completed its acquisition of The Work Connection, which will merge into the Spartan Staffing business to expand TrueBlue’s ligh industrial service line. The integration will be substantially complete by the end of 2013 with minimal branch consolidation.
TrueBlue estimates revenue ranging from $430 million to $440 million for the fourth quarter of 2013.
TrueBlue Inc. (NYSE: TBI)
For the third quarter ended Sept. 27, 2013, compared with the same period last year.
Revenue: $451.2 million, +18.9 percent
Net Income: $19.0 million, +32.1 percent