Tacoma’s TrueBlue Inc. Thursday reported Thursday adjusted earnings that beat Wall Street estimates by 9 cents a share.
The temporary labor provider and staffing manager said it made $22 million, or 54 cents a share, in the quarter compared with $19 million, or 48 cents a share, in the same quarter a year earlier.
Those earnings came on revenues of $633 million, up 40 percent from the $451 million in the third quarter of 2013. That revenue figure was lower than analysts’ estimates by more than $8 million.
The dramatically enhanced revenues were propelled in part by TrueBlue’s June acquisition of SeatonCorp., a privately held, Chicago-based staff recruitment and management company. TrueBlue paid $310 million to Leeds Equity Partners for Seaton.
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“We are pleased with the success of our growth strategies, which produced strong revenues and profit growth this quarter,” TrueBlue Chief Executive Steve Cooper said in a prepared statement.
The company in recent years has expanded its bottom line through internal growth and by a series of acquisitions.
On an annualized basis, the Tacoma-headquartered company’s revenues now are well over $2 billion. TrueBlue said it is now the nation’s largest industrial staffing firm.
In addition to acquiring Seaton, TrueBlue reported it is continuing its effort to use technology to cut its costs for recruitment and deployment of temporary labor. The company has closed 52 branch offices through the third quarter of this year.
TrueBlue’s brands include Labor Ready, Staff Management SMX, PlaneTechs, Spartan, Centerline, PeopleScout, CLP, TransTechs, HRX, PTS and TrueBlue Energy and Industrial.
The company estimated that its fourth quarter revenues will range from $695 million to $705 million with adjusted net income per share of 44 to 49 cents a share.
The company during a conference call with analysts said its Boeing business has fallen from its peak but is now stabilized. Major energy projects in California for which the company provided workers are winding down, but smaller energy projects in the Southeast are beginning.