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Barrett Business Services (BBSI)
NASDAQ:BBSI
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Earnings Data
Report Date
Feb 26, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.62Last Year’s EPS
$0.54Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: 6.82%
|Next Earnings Date:Feb 26, 2025
Earnings Call Sentiment|Positive
The earnings call reflects a positive sentiment, with strong financial results, record worksite employee growth, and successful regional and product expansion. Although there are some challenges, such as the decline in staffing revenues and slower growth in specific regions, these are outweighed by the company's strategic achievements and growth prospects.Company Guidance
During the Q3 2024 earnings call for BBSI, the guidance provided highlighted several key metrics reflecting strong company performance and strategic direction. Gross billings increased by 9% to $2.14 billion compared to the prior year, with PEO gross billings also up by 9% to $2.12 billion, while staffing revenues declined by 2% to $21 million. BBSI added approximately 4,600 worksite employees year-over-year, contributing to a 5% increase in worksite employees for the quarter. The company's client retention remained robust, and its workers' compensation program continued to perform well, contributing to favorable prior year adjustments of $4.3 million. For the full year, BBSI revised its gross billings growth expectation to between 7% and 8%, up from the previous 6% to 8% range. Additionally, the company projected a gross margin as a percentage of gross billings to be between 3.03% and 3.07%, with an effective annual tax rate expected to remain between 26% and 27%. The call also noted favorable regional growth, with the East Coast growing by 18% and Southern California by 10%, while the Pacific Northwest experienced a decline of 1%.Strong Financial Performance
Gross billings increased 9% year-over-year to $2.14 billion, exceeding expectations. PEO gross billings also rose by 9%.
Record Worksite Employee Growth
The company added approximately 4,600 worksite employees year-over-year from net new clients, leading to a 5% growth in worksite employees.
Successful Market Expansion
Entered new markets with an asset-light model, employing 21 new market development managers. Positive results from investments in new markets have been observed.
BBSI Benefits Growth
The partnership with Kaiser Permanente led to increased health insurance sales, with approximately 480 clients and more than 11,000 participants.
Strong East Coast Performance
The East Coast region grew 18%, marking the 14th consecutive quarter of double-digit growth.
Favorable Workers' Compensation Trends
Recognized favorable prior year adjustments of $4.3 million in workers' compensation, with no retained claims risk.
Increased Shareholder Returns
Repurchased $8 million of shares in Q3, with $37 million remaining under the buyback program. Paid $2.1 million in dividends.
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BBSI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BBSI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $40.29 | $41.11 | +2.04% |
| Jul 31, 2024 | $36.29 | $36.51 | +0.61% |
| May 01, 2024 | $30.41 | $29.68 | -2.40% |
| Feb 28, 2024 | $28.59 | $30.22 | +5.70% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Barrett Business Services (BBSI) report earnings?
Barrett Business Services (BBSI) is schdueled to report earning on Feb 26, 2025, TBA Not Confirmed.
What is Barrett Business Services (BBSI) earnings time?
Barrett Business Services (BBSI) earnings time is at Feb 26, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BBSI EPS forecast?
BBSI EPS forecast for the fiscal quarter 2024 (Q4) is $0.62.
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