Revenue from commercial driver services was a bright spot for TrueBlue (NYSE: TBI), but total third-quarter revenue fell 19.2% to $382.4 million. The company also forecast current market trends will continue into the fourth quarter.

“Customers are looking for market confidence to grow before making significant adjustments to their workforce strategies,” President and CEO Taryn Owen said in a conference call with analysts.

Clients continue to focus on reducing operating costs and remain hesitant when it comes to full-time hires, the company reported. Revenue fell across divisions.

However, TrueBlue’s commercial driving services bucked the trend with revenue up in the double digits.

“This marks the third consecutive quarter of growth for our commercial driving services, and our team continues to capitalize on this momentum, pursuing additional growth opportunities in this space,” CFO Carl Schweihs said in a conference call with analysts.

Still, TrueBlue expects third-quarter trends to carry over into the fourth quarter. It forecast revenue to be down between 18% and 24% in the fourth quarter.

“Although current labor market dynamics are challenging, the long-term staffing outlook remains positive,” Owen said. “We are managing through the cycle with the discipline and agility needed to ensure we are strategically positioned for even stronger growth and profitability when customer demand volumes return.”

TrueBlue - Q3 2024

Revenue by Segment

Share Price

Shares in TrueBlue were down 7.96% to $7.05 as of 12:41 p.m. Eastern time today. They were 1.15% above their 52-week low.