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KELYA Nasdaq· Kelly Services Inc.
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KELYA Nasdaq· Kelly Services Inc.
Earnings report Q4 2023

KELYA Reports Steady Revenue Performance in Latest Quarter

Segments of revenue

In the latest quarter, KELYA reported revenue from services of $4.84 billion. This represents a slight decrease compared to the previous quarter's revenue of $4.97 billion and a marginal increase compared to the revenue of $4.91 billion in the same quarter last year.

Strengths

Despite the challenging staffing market dynamics and macroeconomic headwinds, KELYA demonstrated resilience in its revenue performance. The Education segment stood out as a key driver of growth, reporting significant year-over-year growth. This growth can be attributed to improved fill rates, strong demand from existing customers, and net new customer wins. Additionally, the higher margin outcome-based solutions in the P&I segment contributed to revenue growth, reflecting continued demand for these value-added solutions.

Challenges

KELYA faced pressure on its business as the year progressed due to the cautious hiring approach of employers in most sectors and the constrained supply of candidates in certain pockets of the economy. These factors impacted the company's revenue performance, resulting in a slight decrease compared to the previous quarter.

Noteworthy

It is worth noting that KELYA experienced some fluctuations in its revenue performance throughout the year, with varying levels of growth and decline. The effects of macroeconomic headwinds and staffing market dynamics became more noticeable in certain parts of the company's portfolio, highlighting the challenges faced by KELYA in navigating the current business environment.

Summary

Despite the challenges posed by macroeconomic headwinds and staffing market dynamics, KELYA maintained a steady revenue performance in the latest quarter. The Education segment's significant year-over-year growth and the demand for higher margin outcome-based solutions in the P&I segment were key strengths for the company. However, the cautious hiring approach of employers and the constrained supply of candidates impacted KELYA's overall revenue. Moving forward, KELYA will need to continue adapting to the evolving market conditions to sustain and enhance its revenue growth.

Source documents

Form 10-K  filed on Feb 20, 2024
117 pages scanned

Reference data

Company financials Q4 revenue 1.23B
Analyst estimates Q4 EPS beat by 264.71%
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