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Robert Half Q1 revenue up 5% amid ‘persistent’ tight labor markets

April 24, 2019

Robert Half International Inc. (NYSE: RHI) reported first-quarter net revenue rose 5.2% amid tight labor markets globally. US revenue rose 5.7%.

Revenue was up 8.5% on a constant-currency, same-billing day basis; total international revenue rose 11.9% on a constant currency and same billing day basis.

Temp and consulting staffing revenue rose 1.7% in the first quarter, or 6.2% on a constant-currency, same-billing day basis. Permanent placement revenue rose 8.4% as reported and 12.3% on a constant-currency, same-billing day basis.

(US$ thousands) Q1 2019  Q1 2018  % change
Net service revenue $1,468,530 $1,395,333 5.2%
Gross margin $607,588 $572,366 6.2%
Gross margin percentage 41.4% 41.0%  
Net income $109,798 $96,167 14.2%

Revenue by segment

(US$ thousands) Q1 2019  Q1 2018  % change
Accountemps $483,473 $471,589 2.5%
OfficeTeam $252,035 $261,152 -3.5%
Robert Half Technology $171,928 $160,062 7.4%
Robert Half Management Resources $177,191 $173,485 2.1%
Robert Half Finance and Accounting $131,562 $121,400 8.4%
Protiviti $252,341 $207,645 21.5%

Quote

“We saw solid revenue growth in our staffing and Protiviti operations during the quarter, both in our US and non-US operations,” said Harold Messmer Jr., chairman and CEO of Robert Half. “Persistent tight labor markets globally continue to result in heightened demand for our professional staffing services.”

Year-over-year revenue growth rates (constant currency, same billing day)

   
2017 2018 2019
Q4 Q1 Q2 Q3 Q4 Q1
Global            
Accountemps 3.6% 6.6% 7.8% 8.6% 8.7% 5.6%
OfficeTeam 5.9% 8.2% 7.7% 7.8% 4.1% -0.4%
Robert Half Technology -2.2% 1.2% 7.5% 12.6% 11.4% 10.7%
Robert Half Management Resources 7.5% 7.0% 7.9% 8.1% 9.1% 14.3%
             
Temporary and consultant staffing 3.8% 6.2% 7.7% 8.9% 8.0% 6.2%
Permanent placement staffing 16.1% 15.0% 18.0% 17.4% 13.5% 12.3%
             
United States            
Temporary and consultant staffing 1.3% 3.9% 5.3% 6.5% 6.3% 5.1%
Permanent placement staffing 13.2% 14.8% 17.3% 16.7% 15.3% 11.8%
             
International            
Temporary and consultant staffing 14.0% 15.5% 16.7% 17.8% 14.1% 10.2%
Permanent placement staffing 22.8% 16.0% 18.8% 18.8% 10.4% 12.8%

Share price and market cap

Shares in Robert Half were down 8.63% to $62.85 at 1:18 p.m. Eastern time; the company had a market cap of $8.15 billion, according to FT.com.

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