Kelly Services Reports Q3 2024 Earnings

Kelly Services ( (KELYA) ) has released its Q3 earnings. Here is a breakdown of the information Kelly Services presented to its investors.

Kelly Services, Inc. is a global leader in talent solutions, providing staffing and workforce management services across various sectors, including science, engineering, technology, education, and more, with its headquarters in Troy, Michigan.

Kelly Services announced its third-quarter 2024 earnings, showcasing a revenue decline of 7.1% compared to the previous year, primarily due to the sale of its European staffing operations, which was partially offset by the acquisition of Motion Recruitment Partners. Despite the revenue drop, the company maintained stable organic revenue year-over-year and reported positive operating earnings.

Key financial metrics from the third quarter include operating earnings of $2.6 million and adjusted earnings of $11.7 million, a decrease from the previous year’s adjusted earnings of $15.5 million. The company also reported an adjusted EBITDA margin increase of 20 basis points, reaching 2.5%. Significant growth areas included double-digit revenue increases in the Education sector and a strong performance in the U.S. market, bolstered by strategic acquisitions and operational efficiencies.

Kelly’s management remains optimistic about future growth, focusing on leveraging its recent strategic acquisitions and ongoing transformation initiatives to expand EBITDA margins and capitalize on staffing demand once market conditions stabilize. The company is poised to enhance its market position by continuing to deliver above-market performance through its growth and efficiency initiatives.