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View All NewsApril 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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April 23, 2021 at 12:19AM
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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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