26 April 2024
First-quarter revenue at Robert Half International Inc. (NYSE: RHI) fell by 13.4% year over year when adjusted for the impact of billing days and currency; revenue was down 14.0% on a reported basis.
President and CEO M. Keith Waddell said client and candidate caution continues to impact hiring activity and new project starts on a global basis, however “the trend toward stabilisation that began in the second half of last year continued into the first quarter of this year.”
“First-quarter results were largely in line with expectations, and we are encouraged that second-quarter earnings guidance, led by Protiviti, anticipates higher sequential earnings for the first time in seven quarters.”
| (USD thousands) | Q1 2024 | Q1 2023 | Change | |
| Revenue | 1,475,937 | 1,716,335 | -14.0% | -13.4% |
| Gross margin | 562,797 | 689,732 | -18.4% | |
| Gross margin percentange | 38.1% | 40.2% | – | – |
| Net income | 63,701 | 122,005 | -47.7% |
International contract talent solutions revenue was down 8.4% on a reported basis and by 7.5% on an adjusted basis. International permanent placement talent solutions was down by 23.2% on a reported basis and down 22.1% on an adjusted basis. Total talent solutions in the international segment fell by 10.8% on a reported basis and 9.9% on an adjusted basis. Protiviti was down 11.3% on a reported basis and 10.1% on an adjusted basis.
Total international decreased by 10.9% on a reported basis and down 10% on an adjusted basis.
In the US, contract talent solutions revenue decreased by 19.1% on a reported basis and 18.6% on an adjusted basis. Permanent placement talent solutions revenue declined by 19.3% on a reported basis and 18.17% on an adjusted basis. Overall the total talent solutions segment was down 19.1% on a reported basis and 18.6% on an adjusted basis. Protiviti revenue fell by 4.8% on an adjusted basis while it decreased by 4.2% on an adjusted basis.
Total revenue in the US dipped by 14.9% on a reported basis and was down 14.3% on an adjusted basis.
In its conference call, the group published guidance for the second quarter with revenue of $1.45 billion to $1.55 billion.
Robert Half shares closed yesterday at USD 70.60, down 1.25% on the day. The company has a market cap of USD 7.42 billion.