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Robert Half revenue down 7.6%, but firm reports faster early cycle recovery than in past - Staffing Industry Analysts

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April 22, 2021

First-quarter revenue at professional staffing firm Robert Half International Inc. (NYSE: RHI) fell 7.6% year over year on an adjusted basis. The Menlo Park, California-based company cited a broad-based recovery. Fourth-quarter revenue had been down 15.9% on an adjusted basis.

“We are extremely pleased that our first-quarter results exceeded the high end of our guidance and reflect a broad-based recovery that is well underway,” Robert Half CEO M. Keith Waddell said.

“We are experiencing a faster early cycle recovery than we have seen in the past which positions us well for future growth,” Waddell continued.

(US$ thousands) Q1 2021 Q1 2020 % change % change adjusted
Service revenue $1,398,380 $1,506,691 -7.2% -7.6%
Gross margin $561,711 $614,388 -8.6%  
Gross margin percentage 40.2% 40.8%    
Net income $110,598 $89,915 23.0%  

Adjusted revenue includes adjustments for effects of currencies, billing days and intercompany adjustments.

US temporary and consultant staffing revenue was down 19.4% year over year on an adjusted basis in the first quarter while US perm placement revenue fell 11.4%.

International temporary and consultant staffing revenue fell 17.0% on an adjusted basis, but perm staffing revenue rose 0.3%.

Revenue by segment

(US$ thousands) Q1 2021 Q1 2020 % change % change adjusted
Accountemps $417,116 $489,884 -14.9% -14.6%
OfficeTeam $220,467 $239,979 -8.1% -8.7%
Robert Half Technology $172,239 $196,652 -12.4% -12.4%
Robert Half Management Resources $183,271 $211,878 -13.5% -14.3%
Elimination of intersegment revenue ($103,818) ($46,273) - -
Protiviti $397,402 $294,082 35.1% 34.7%
         
Temp staffing and consulting $889,275 $1,092,120 -18.6% -18.9%
Perm placement $111,703 $120,489 -7.3% -8.1%

Share price and market cap

Shares in Robert Half were up 5.18% to $86.77 as of 11:51 a.m. Eastern time; by that time they had set a new 52-week high when they reached $87.52 at one point in trading. The company had a market cap of $9.32 billion.

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