Both revenues and profits took a leap upward in the third quarter at Tacoma's TrueBlue Inc., one the the nation's larger temporary worker providers.
The company Wednesday afternoon reported revenues for the third quarter increased by 19 percent to $451 million and earnings hit 47 cents a share compared with 36 cents in last year's third quarter.
Steve Cooper, TrueBlue's chief executive, said both growth of the company's traditional brands and new acquisitions drove those figures higher.
"In addition to the strong organic revenue growth we have achieved so far this year, the acquisitions we closed in 2013 will add approximately $300 million of go-forward annual revenue," he said.
The company's last acquisition was the Work Connection, a chain of 37 locations mostly in the Midwest that furnish light industrial workers to companies needing temporary help.
The company estimated that revenue in the fourth quarter will be in the range of $430 million to $440 million and that revenue per share will amount to 30 to 35 cents.
TrueBlue said the company is looking at making additional acquisitions in the future to round out its services and its geographic reach.
The company is rolling out new software and mobile communications systems that will allow the company to recruit and dispatch workers with fewer physical locations. And TrueBlue is moving toward uniting its myriad brands under the single TrueBlue identity, the company told analysts.
TrueBlue now markets its services under the Labor Ready, CLP, Spartan Staffing, PlaneTechs and Centerline brands.
TrueBlue's increased results fell slightly below Wall Street consensus estimates of 48 cents a share and $457.3 million. The company's stock price fell by 1.6 percent Wednesday before the earnings were announced.