Q3 2024 BGSF Inc Earnings Call Transcript
Key Points
- BGSF Inc (BGSF) reported a sequential sales improvement in IT consulting, indicating stabilization and potential recovery in this segment.
- The company launched a new lead generation technology in Q3, which generated significant leads and over $1 million in booked revenue.
- Managed Solutions business experienced double-digit growth year-over-year and a 10% sequential lift, showcasing its strength and potential for future growth.
- BGSF Inc (BGSF) successfully launched an advanced lead generation engine, enhancing sales funnels and conversion rates across divisions.
- The company reported an improvement in adjusted earnings per share from $0.07 in Q2 to $0.10 in Q3, reflecting better financial performance.
- Total revenues for the third quarter were $71.2 million, down from $83.5 million in the same quarter last year, indicating a decline in overall sales.
- The professional segment revenues remained soft, declining by 12.9% compared to the prior year period.
- Gross profit margins decreased by 170 basis points year-over-year, primarily due to cost pressures and increased competition.
- SG&A expenses included $526,000 in non-recurring fees related to the strategic alternatives process, impacting overall expenses.
- The finance and accounting division experienced a sequential decline, contributing to the softness in the professional segment.
Good morning, everyone. Welcome to the BGSF Inc fiscal 2024 third quarter, financial results conference call. (Operator Instructions.)
I will now turn the conference over to Sandy Martin, Three-part advisors. Please go ahead.
Good morning. Thank you for joining us today for BGSFs third quarter, 2024 Earnings Conference Call with me on the call are Beth Garvey, Chair, President and Chief Executive Officer and John Barnett, Chief Financial Officer. After our prepared remarks, there will be a Q&A session as noted today's call is being webcast live. A replay will be available later today and archived on the company's investor relations page at Investor.BGSF.com.
Today's discussion will include forward-looking statements which are based on certain assumptions made by the company under the safe harbour provisions of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by the forward-looking statements because of various risks and
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