Q2 2024 Kforce Inc Earnings Call Transcript
Key Points
- Sequential growth in the technology business was consistent with expectations.
- Revenues slightly above the midpoint of guidance and earnings per share near the top end of guidance.
- Stable demand for technology resources and consistent initiation of critical projects.
- Strong client portfolio diversification efforts positioning Kforce for future upcycles.
- Recognition as one of America's Best Midsize companies by Time Magazine, highlighting strong company culture.
- Total revenues declined 8.4% year-over-year.
- Technology business declined 6.4% year-over-year.
- Uneven purchasing activity among clients, with some reducing investments.
- Financial and accounting (FA) business declined 23% year-over-year.
- Overall SG&A expenses as a percentage of revenue increased by 50 basis points year-over-year.
Hello, and welcome to the Kforce second-quarter 2024 earnings call. (Operator instructions)
I would now like to turn the conference over to Joe Liberatore, President and CEO. You may begin.
Good afternoon, and thank you for your time today. This call contains certain statements that are forward-looking that are based upon current assumptions and expectations are subject to risks and uncertainties. Actual results may vary materially from the factors listed in Kforce's public filings and other reports and filings with the SEC. We cannot undertake any duty to update any forward-looking statements. You can find additional information about our results in our earnings release and our SEC filings. In addition, we have published our prepared remarks within our Investor Relation portion of our website.
Our second quarter performance, including the sequential growth in our technology business was consistent with our expectations. Operating trends over the first half of 2024,
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