TrueBlue, a leading provider of specialized workforce solutions, releases its financial results for the first quarter of 2024. Despite market challenges, the company remains committed to managing through the current cycle with agility and strategic focus.
- Financial Highlights:
- Revenue decreased by 13% to $403 million compared to the prior year period.
- Net loss of $2 million, an improvement from the net loss of $4 million in the prior year period.
- Adjusted EBITDA of -$3 million and adjusted net income of $1 million.
- The company maintains a strong financial position with zero debt, $36 million in cash, and $140 million of borrowing availability.
- Management Commentary:
- President and CEO, Taryn Owen, highlights the company’s resilience amid challenging market conditions.
- TrueBlue remains focused on delivering excellent service, responding to clients’ evolving needs, and advancing strategic priorities for long-term growth and profitability.
- Results Overview:
- First quarter revenue was $403 million, reflecting a 13% decrease compared to the prior year period.
- Net loss per diluted share was $0.05, showing improvement from the prior year period.
- Adjusted net income per diluted share was $0.03, indicating positive performance compared to the prior year period.
- 2024 Outlook:
- TrueBlue provides forward-looking information to help investors form their estimates, detailed in the quarterly earnings presentation.
- Management will discuss the first quarter results in a webcast scheduled for May 6, 2024, accessible on the Investor Relations section of the TrueBlue website.
- About TrueBlue:
- TrueBlue serves approximately 67,000 clients and connects around 464,000 people with work annually.
- The company’s segments include PeopleReady, PeopleScout, and PeopleManagement, catering to diverse workforce needs across various industries.
- Forward-looking Statements and Non-GAAP Measures:
- TrueBlue provides forward-looking statements and non-GAAP financial measures, emphasizing transparency and accountability in financial reporting.
- The company encourages investors to review its SEC filings for comprehensive information on factors affecting its results and financial performance.
TrueBlue’s first quarter 2024 financial results reflect its resilience and strategic focus amidst market challenges. With a commitment to delivering value to clients and shareholders, the company remains well-positioned for future growth and success.
