TrueBlue, Inc. has announced its fiscal fourth quarter 2017 results, with a revenue of $670 million.
That’s a decrease of 9 percent, compared to revenue of $735 million in the fiscal fourth quarter of 2016. Excluding the reduction of services provided to Amazon — the company's former largest customer, which shifted its staffing needs away from TrueBlue in 2016 — revenue declined by 8 percent.
Net income per diluted share was $0.40 compared to $0.43 in the fiscal fourth quarter of 2016. Adjusted net income per diluted share1 was $0.51 compared to $0.56 in the fiscal fourth quarter of 2016.
“We saw improving fundamentals this quarter driven by strong execution across the business,” TrueBlue CEO Steve Cooper said. “The broad-based improvements in the PeopleReady and PeopleManagement third quarter revenue trends continued throughout the fourth quarter, and PeopleScout delivered another quarter of double-digit growth.
“We also made additional progress with our digital strategy. Adoption of JobStack, our PeopleReady mobile app, continued to climb, and we also launched Affinix in our PeopleScout business, a next generation technology that improves the candidate experience and streamlines the sourcing process.”
The company estimates revenue for the fiscal first quarter of 2018 will range from $557 million to $572 million. It also expects net income per diluted share will range from $0.03 to $0.11. Adjusted net income per diluted share is expected to be $0.18 to $0.24.
TrueBlue also estimates its historical effective income tax rate of 28 percent will drop to roughly 16 percent in fiscal 2018 and 2019 as a result of recent tax reform legislation.