Robert Half International Inc. (NYSE: RHI) reported second-quarter revenue jumped 42.6% year over year while gross margin improved. The revenue increase when adjusted for billing days and currency was 39.7%.
“We achieved record levels of revenues and earnings in the second quarter due to a broad-based, global acceleration in demand for our staffing and business consulting services,” President and CEO M. Keith Waddell said.
| (US$ thousands) | Q2 2021 | Q2 2020 | % change | % change adjusted for billing days and currency |
| Service revenue | $1,580,581 | $1,108,326 | 42.6% | 39.7% |
| Gross margin | $664,872 | $416,535 | 59.6% | |
| Gross margin percentage | 42.1% | 37.6% | ||
| Net income | $149,213 | $46,196 | 223.0% |
Waddell cited particular strength in Robert Half’s permanent placement and Protiviti operations where revenue rose year over year by 102.2% and 61.6%, respectively. Adjusted for billing days and currencies, the increases were 96.9% and 58.8%
Revenue by segment
| (US$ thousands) | Q2 2021 | Q2 2020 | % change | % change adjusted for billing days and currency |
| Accountemps | $453,342 | $331,542 | 36.7% | 34.4% |
| OfficeTeam | $263,192 | $136,299 | 93.1% | 89.5% |
| Robert Half Technology | $194,233 | $162,028 | 19.9% | 17.9% |
| Robert Half Management Resources | $210,550 | $165,031 | 27.6% | 24.0% |
| Elimination of intersegment revenue | ($143,036) | ($41,514) | – | – |
| Protiviti | $458,660 | $283,910 | 61.6% | 58.8% |
| temp staffing and consulting | $978,281 | $753,386 | 29.9% | 27.2% |
| perm placement | $143,640 | $71,030 | 102.2% | 96.9% |
Share price and market cap
Shares in Robert Half were up 8.50% to $93.86 as of 12:22 p.m. today; they had set a new 52-week high earlier in the day when they reached $98.08, according to FT.com. The company had a market cap of $9.76 billion.