TrueBlue Inc. (NYSE: TBI), a provider of industrial staffing and RPO, reported second-quarter revenue rose 10.3% year over year.
“We experienced another quarter of favorable demand as businesses continue to struggle with a record number of job openings,” said President and CEO Steve Cooper. “Positive spreads between bill and pay rate inflation and a higher mix of recruitment process outsourcing business contributed to meaningful operating margin expansion.”
| (US$ thousands) | Q2 2022 | Q2 2021 | % change |
| Revenue | $569,253 | $515,955 | 10.3% |
| Gross profit | $158,531 | $136,468 | 16.2% |
| Gross margin percentage | 27.8% | 26.4% | |
| Net income | $24,013 | $15,884 | 51.2% |
Cooper also noted mixed demand patterns in the second quarter.
“PeopleScout demand was exceptionally strong throughout the quarter as clients sought more help in addressing high employee turnover associated with tight labor pools,” he said. “At PeopleReady, demand tapered during the quarter as customers reassessed their labor needs on new projects given the current economic climate, and PeopleManagement demand held steady.”
Revenue by segment
| (US$ thousands) | Q2 2022 | Q2 2021 | % change |
| PeopleReady | $317,943 | $299,316 | 6.2% |
| PeopleManagement | $161,938 | $152,356 | 6.3% |
| PeopleScout | $89,372 | $64,283 | 39.0% |
The company noted the number of client users on its JobStack platform rose to 30,700 in the second quarter.
Guidance
TrueBlue did not providing customary revenue guidance. However, it reported the prior five-year historical average for sequential revenue growth from the second to the third quarter, excluding 2020, was roughly 9%. It also reported June revenue trends imply PeopleReady sequential growth of 3% to 5%.
Share price and market cap
Shares in TrueBlue were up 9.55% to $20.99 as of 1:26 p.m. Eastern time; they were 33.10% above their 52-week low, according to FT.com. The company had a market cap of $635.1 million.