NASDAQ$KELYA
Kelly Services Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Kelly Services' Q3 2024 earnings decreased due to the sale of European staffing operations, partially offset by the acquisition of MRP, but organic revenue remained nearly flat.
Kelly Services reported a revenue decrease of 7.1% year-over-year, primarily due to the sale of its European staffing operations, though organic revenue remained nearly flat. Operating earnings were $2.6 million, and adjusted earnings were $11.7 million. The company expects continued EBITDA margin expansion in Q4 2024 driven by the sale of European staffing operations, the acquisition of Motion Recruitment Partners, LLC (MRP), and ongoing transformation actions.
- Q3 revenue decreased by 7.1% year-over-year due to the sale of European staffing operations, but was nearly flat on an organic basis.
- Operating earnings for Q3 were $2.6 million, while adjusted earnings were $11.7 million, down 24.5% from the previous year.
- Adjusted EBITDA margin increased by 20 basis points to 2.5%.
- The company anticipates continued year-over-year EBITDA margin expansion in Q4 2024.
Headline financials
Revenue & EPS history
Kelly Services · Revenue · Quarterly
$1.04B
Revenue by segment
Kelly Services · $508M total across 2 segments · Q2 2023
- Science, Engineering & Technology$301M-7.1%59.4%
- Education$206M+32.7%40.6%
Forward guidance
The Company expects the sale of European staffing operations, acquisition of Motion Recruitment Partners, LLC ("MRP"), ongoing transformation actions to contribute to continued year-over-year EBITDA margin expansion in Q4 2024.
Tailwinds
- Sale of European staffing operations
- Acquisition of Motion Recruitment Partners, LLC ("MRP")
- Ongoing transformation actions
- Continued double-digit revenue growth in Education
- Ongoing expansion into the market for higher-margin outcome-based solutions in SETT and P&I
Headwinds
- Uncertain macroeconomic market conditions persisted
- Customers’ more guarded approach to hiring
- Customers initiating new projects
- Customers backfilling open roles
- Impact of laws and regulations (including federal, state and international tax laws)
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
-0.1%
Avg return
Earnings day
-0.3%
Avg return
5 days after
-2.6%
Avg return
30 days after
50%
31 / 62 earnings
Positive
+26.2%
Q4 2021
Best reaction
-25.8%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.0% | +0.3% | +20.2% | |
| Q4 2025 | -1.3% | -5.7% | -13.9% | |
| Q3 2025 | -17.7% | -23.3% | -25.5% | |
| Q1 2025 | +10.0% | +8.7% | +4.6% | |
| Q4 2024 | +7.2% | +1.3% | +0.0% | |
| Q3 2024 | -25.8% | -28.3% | -35.6% | |
| Q2 2024 | -4.9% | -0.2% | -2.1% | |
| Q1 2024 | -1.3% | -3.5% | -8.0% | |
| Q4 2023 | +7.2% | +9.5% | +13.7% | |
| Q3 2023 | +6.0% | +10.2% | +15.0% | |
| Q2 2023 | -5.8% | -4.6% | -1.4% | |
| Q1 2023 | +11.8% | +11.3% | +12.7% | |
| Q4 2022 | -7.9% | -6.9% | -16.1% | |
| Q3 2022 | +12.5% | +6.9% | -0.9% | |
| Q2 2022 | -17.6% | -17.9% | -31.4% | |
| Q1 2022 | -2.3% | +4.5% | +3.9% | |
| Q4 2021 | +26.2% | +26.0% | +23.9% | |
| Q3 2021 | -8.4% | -11.2% | -17.2% | |
| Q2 2021 | -6.6% | -14.1% | -20.2% | |
| Q1 2021 | +2.4% | +1.6% | +0.6% | |
| Q4 2020 | -1.9% | +4.5% | +5.1% | |
| Q3 2020 | -1.0% | +15.8% | +25.2% | |
| Q2 2020 | +6.9% | +20.9% | +15.7% | |
| Q1 2020 | -9.4% | -9.4% | +3.9% | |
| Q4 2019 | +11.1% | +5.5% | -28.9% | |
| Q3 2019 | -10.9% | -11.5% | -11.2% | |
| Q2 2019 | +4.3% | +4.5% | -11.7% | |
| Q1 2019 | +9.8% | +8.9% | +6.4% | |
| Q4 2018 | +2.9% | +6.5% | -8.0% | |
| Q3 2018 | -3.3% | -6.1% | -16.8% | |
| Q2 2018 | +0.3% | +0.7% | +3.1% | |
| Q1 2018 | -20.3% | -30.0% | -25.3% | |
| Q4 2017 | +2.7% | +3.0% | +1.2% | |
| Q3 2017 | +8.2% | +10.7% | +9.3% | |
| Q2 2017 | -1.0% | -1.2% | +0.6% | |
| Q1 2017 | +0.9% | +8.4% | +5.6% | |
| Q4 2016 | +0.0% | -5.2% | -3.9% | |
| Q3 2016 | -3.0% | +6.3% | +14.4% | |
| Q2 2016 | -7.5% | -6.7% | -9.7% | |
| Q1 2016 | +2.8% | — | — | |
| Q4 2015 | +2.6% | — | — | |
| Q3 2015 | +5.0% | — | — | |
| Q2 2015 | -4.5% | — | — | |
| Q1 2015 | +0.7% | — | — | |
| Q4 2014 | +8.3% | — | — | |
| Q3 2014 | -10.1% | — | — | |
| Q2 2014 | -4.8% | — | — | |
| Q1 2014 | -8.1% | — | — | |
| Q4 2013 | +0.8% | — | — | |
| Q3 2013 | -2.0% | — | — | |
| Q2 2013 | -3.4% | — | — | |
| Q1 2013 | +0.2% | — | — | |
| Q4 2012 | -4.6% | — | — | |
| Q3 2012 | -5.8% | — | — | |
| Q2 2012 | +11.9% | — | — | |
| Q1 2012 | +5.2% | — | — | |
| Q4 2010 | +4.2% | — | — | |
| Q3 2010 | -6.9% | — | — | |
| Q2 2010 | +13.8% | — | — | |
| Q4 2011 | +13.8% | — | — | |
| Q1 2011 | +0.6% | — | — | |
| Q1 2010 | +4.2% | — | — |
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