Professional staffing provider Robert Half International Inc. (NYSE: RHI) reported full-year revenue increased, while fourth-quarter revenue rose 0.6% when adjusted for billing days and the effects of currencies. Its permanent placement operations led growth with an increase of 2.4% on an adjusted basis in the quarter, while temporary staffing revenue contracted 1.2% on an adjusted basis.
For the full year 2022, revenue rose 12.0% on a reported basis (not adjusted).
“2022 was a very successful year across the entire Robert Half enterprise. We grew full-year revenues and earnings per share — both by more than 12% — and achieved new record levels for each,” Robert Half President and CEO M. Keith Waddell said.
Robert Half’s fourth-quarter revenue in the US was down 0.6% on an adjusted basis; however, fourth-quarter international revenue rose 4.8%.
“Global labor markets remain tight and the demand for talent remains high, despite continued economic uncertainty,” Waddell said in a conference call with analysts. “Clients continue to hire, albeit at an even more measured pace, which has the effect of lengthening the sales cycle.”
In the call, CFO Michael Buckley noted temporary staffing revenue was down 7% in the first two weeks of January compared to the same period last years. In addition, permanent placement revenue was down 23% in the first three weeks of January compared to the same period in 2022. Buckley cautioned against reading too much into the numbers given they represent brief time periods. The company did forecast first-quarter revenue of $1.69 billion to $1.77 billion.
Share price and market cap
Shares in Robert Half were up 3.89% to $83.96 as of 12:30 p.m. Eastern time; they were 28.37% above their 52-week low, according to FT.com. The company had a market cap of $8.77 billion.