Robert Half shares dip as Q3 earnings and revenue decline YoY, despite beating estimates

NEW YORK - Robert Half International Inc. (NYSE:RHI ) reported better-than-expected third quarter results on Tuesday. RHI shares were down 0.9% following the announcement.

The staffing services company posted adjusted earnings per share of $0.64, exceeding analyst estimates of $0.62. Revenue came in at $1.47 billion, surpassing the consensus forecast of $1.44 billion.

Despite topping expectations, Robert Half's results declined compared to the same period last year. Revenue fell 6.3% YoY from $1.56 billion, while EPS dropped from $0.90 in Q3 2023.

"Revenues and earnings for the third quarter exceeded our expectations, driven by very strong results from Protiviti, which posted sequential and year-on-year revenue gains," said M. Keith Waddell, president and CEO of Robert Half.

The company's Protiviti segment, which provides risk consulting and internal audit services, saw revenue increase 6.4% YoY to $511.3 million. However, this was offset by declines in Robert Half's talent solutions businesses.

Contract talent solutions revenue decreased 11.9% to $830.4 million, while permanent placement talent solutions revenue fell 11.9% to $123.3 million.

Waddell noted that while client budgets remain constrained, business confidence levels are improving. He cited progress on inflation and expectations for interest rate cuts as positive factors.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Source: Investing.com