Trueblue (TBI) Issues Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Trueblue (NYSE:TBI) announced its earnings results on Wednesday. The business services provider reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03, Briefing.com reports. The company had revenue of $669.63 million during the quarter, compared to analyst estimates of $667.66 million. Trueblue had a net margin of 2.22% and a return on equity of 14.05%. The firm’s quarterly revenue was down 8.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.58 earnings per share. Trueblue updated its Q1 guidance to $0.18-0.24 EPS.

Trueblue (NYSE TBI) traded up $1.42 on Thursday, hitting $27.32. 348,595 shares of the company’s stock were exchanged, compared to its average volume of 205,095. The company has a market capitalization of $1,062.99, a price-to-earnings ratio of 19.89 and a beta of 2.28. Trueblue has a fifty-two week low of $19.30 and a fifty-two week high of $29.50. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.20.

A number of research firms have weighed in on TBI. Zacks Investment Research lowered shares of Trueblue from a “hold” rating to a “sell” rating in a research report on Tuesday, January 2nd. BMO Capital Markets reiterated a “hold” rating and issued a $23.00 price target on shares of Trueblue in a research report on Friday, October 13th. Robert W. Baird upped their price target on shares of Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 31st. Finally, TheStreet upgraded shares of Trueblue from a “c+” rating to a “b” rating in a research report on Friday, November 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. Trueblue presently has an average rating of “Hold” and an average price target of $27.50.

In other Trueblue news, CEO Steven C. Cooper sold 23,900 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $28.06, for a total value of $670,634.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Wayne W. Larkin sold 12,600 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $28.54, for a total transaction of $359,604.00. Following the completion of the transaction, the executive vice president now owns 39,461 shares of the company’s stock, valued at $1,126,216.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,000 shares of company stock valued at $1,241,438. Company insiders own 2.00% of the company’s stock.

Trueblue declared that its board has authorized a share buyback program on Monday, October 30th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the business services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.

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About Trueblue

TrueBlue, Inc is a provider of specialized workforce solutions. The Company is engaged in providing staffing, on-site workforce management and recruitment process outsourcing services. The Company operates through three segments: PeopleReady, PeopleManagement and PeopleScout. Its PeopleReady segment provides blue-collar contingent staffing through the PeopleReady service line.

Earnings History for Trueblue (NYSE:TBI)

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