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Kelly Revenue Rises 1%

May 09 2012

Kelly Services Inc. (NASD: KELYA) reported first-quarter revenue rose 1.2 percent to $1.35 billion from $1.34 billion in the first quarter of last year. Americas revenue rose 4.3 percent in the first quarter, but revenue fell in Europe and in the Asia Pacific region.

First-quarter U.S. revenue rose 2.2 percent to $858.5 million. Revenue in Canada rose 0.2 percent, or 1.8 percent on a constant-currency basis, to $59.5 million.

Kelly posted first quarter revenue of $18.0 million in Brazil; it reported no Brazilian revenue in the first quarter of last year. Kelly acquired the stock of Tradição Planejamento e Tecnologia de Serviços S.A. and Tradição Tecnologia e Serviços Ltda., a national service provider in Brazil, for $6.6 million in cash during the fourth quarter of last year, according to a filing with the U.S. Securities and Exchange Commission.

First-quarter revenue in Kelly’s Europe, Middle East and Africa region fell 5.5 percent to $263.0 million; it was down 3.1 percent in constant currency. Asia Pacific revenue fell 8.7 percent (10.3 percent in constant currency) to $104.4 million.

Revenue in Kelly’s outsourcing and consulting group rose 27.1 percent in the first quarter to $86.7 million. KellyOCG includes recruitment process outsourcing, managed services, independent contractor compliance, executive search, outplacement and other services.

First-quarter gross margin improved to 16.5 percent from 15.8 percent in the year-ago period.

Kelly first-quarter net income jumped to $9.6 million from $1.1 million in the year-ago quarter.

Kelly Services Inc. (NASD: KELYA)
For the first quarter ended March 31, 2012, compared with the same period in 2011.
Revenue: $1.35 billion, +1.2 percent
Net income: $9.6 million vs. net income of $1.1 million

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