TrueBlue has announced its 2017 Q1 results, with the loss of business from Amazon continuing to impact the company's revenues.
First quarter revenue was $568 million, a decrease of 12 percent, compared to revenue of $646 million in the fiscal first quarter of 2016. A statement from the TrueBlue attributes much of the drop — as has been the case since last year — to “the previously disclosed reduction in the scope of services provided to our former largest customer” — Amazon. TrueBlue CEO Steven Cooper announced in April 2016 that Amazon informed him of its intent to reduce its use of temporary labor.
Excluding the reduction in the scope of services provided to the Seattle e-commerce giant, revenue declined by 3 percent.
Net income per diluted share was $0.11 compared to $0.17 in the fiscal first quarter of 2016. Adjusted net income per diluted share1 was $0.21 compared to $0.27 in the fiscal first quarter of 2016.
“Our team did a great job managing bill rates and reducing operating expenses to generate net income ahead of our expectation,” TrueBlue CEO Steve Cooper said. “With the majority of the revenue growth headwind behind us from our former largest customer, we have set the stage for long-term growth.
“Businesses value the speed and specialized nature of our services that help them get the right talent into the right job, at the right time. The growing breadth of our workforce solutions, our new go-to-market brands, and innovative use of technology increasingly position us to meet the needs of businesses as they adapt to a constantly changing business environment.”
The company estimates revenue for the fiscal second quarter of 2017 will range from $600 million to $615 million.