RHI Robert Half 1Q Net Up 81% On Strong Growth In Accountemps Business
PROVIDED BY Dow Jones & Company, Inc. - 4:34 PM 04/24/2012
DOW JONES NEWSWIRES http://stockcharts.com/h-sc/ui?s=RHI
Robert Half International Inc.'s (RHI) first-quarter income rose a better- than-expected 81% as the staffing services company posted higher revenue for in all major segments, including Accountemps and its technology unit.
Temporary staffing has been strengthening in recent quarters, even as the U.S. unemployment rate remains elevated, helping Robert Half post soaring profits in recent quarters. The company is best known for its Accountemps business, a temp agency for financial professionals such as payroll clerks, auditors and accountants.
Robert Half posted a profit of $48.3 million, or 34 cents a share, up from $ 26.7 million, or 18 cents a share, in the same quarter a year earlier. Revenue rose 15% to $1.02 billion.
The company in January predicted earnings of 25 cents to 30 cents a share on revenue of $960 million to $1.01 billion.
Gross margin widened to 39.6% from 38.4%.
Revenue at Accountemps, the biggest top-line contributor, rose 17%, and the technology unit's revenue rose 20%.
Shares closed at $28.84 Tuesday and were inactive after hours. The stock is up 1.3% so far this year.
-By Ben Fox Rubin, Dow Jones Newswires
(END) Dow Jones Newswires