TrueBlue (NYSE: TBI) reported that clients continued to be cost conscious and selective in what roles they filled during the first quarter. It also cited broad-based softness in revenue trends except within renewable energy work. Overall, first-quarter revenue fell 13.4% to $402.9 million at the Tacoma, Washington-based industrial staffing and RPO provider.
“As anticipated, market conditions have remained challenging, and we continue to manage through the current cycle with agility and discipline,” TrueBlue President and CEO Taryn Owen said in a press release.
TrueBlue’s PeopleScout segment experienced the largest overall decline in revenue among the firm’s three segments. The company reported reduced client hiring volumes in the segment during the first quarter.
Revenue fell 11.9% in the firm’s PeopleReady segment, with softness across most verticals and geographies. PeopleManagment, the firm’s third segment, saw revenue fall 6.5% year over year in the first quarter; the company cited lower on-site client volumes, primarily in the retail end market.
Owen said the firm is continuing work to ensure it is well-positioned to meet clients’ needs as they expand or change.
“We are advancing our digital transformation with the continued rollout of our new proprietary JobStack app, leveraging our expertise and expansive service offerings to expand in attractive end markets and simplifying our organizational structure to drive efficiencies and innovation through increased synergies,” she said.
In March, TrueBlue announced the closure of the sale of its Canadian business.
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Guidance
TrueBlue forecast second-quarter revenue will be down year over year by between 10% and 16%.
Share price
Shares in TrueBlue were up 0.99% to $10.70 as of 12:01 p.m. Eastern time today. They were 5.37% above their 52-week low.