First-quarter revenue at Barrett Business Services Inc. (NASDAQ; BBSI) rose 4.4% year over year to $265.8 million with the growth in its PEO business.
PEO revenue rose 6.0% to $246.2 million. The increase in PEO revenue came amid a 3% increase in the average number of worksite employees from net new clients and higher average billings per worksite employee.
Staffing revenue fell 12.4% year over year to $19.6 million.
Barrett recorded a net loss for the first quarter. It attributed the loss to an increase in payroll taxes that was partially offset by decreased workers’ compensation expenses and an increase in investment income.
Based in Vancouver, Washington, Barrett provides both staffing and PEO services.
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Share price
Shares in Barrett Business Services were down 3.63% to $117.98 as of 12:30 p.m. Eastern time today. They were 9.25% below their 52-week high.