Q3 2024 TrueBlue Inc Earnings Call Transcript
Key Points
- TrueBlue Inc (TBI) successfully rolled out its new proprietary JobStack app ahead of schedule, enhancing user experience and operational efficiency.
- The company reported double-digit growth in its commercial driving services for the third consecutive quarter.
- TrueBlue Inc (TBI) has expanded its presence in high-growth markets such as healthcare and skilled trades, securing new wins in these sectors.
- The company has made significant progress in simplifying its organizational structure, leading to improved synergies and cross-selling opportunities.
- TrueBlue Inc (TBI) reduced its SG&A expenses by 17% for the quarter, demonstrating effective cost management.
- TrueBlue Inc (TBI) experienced a 19% decline in revenue compared to the prior year, reflecting challenging market conditions.
- The company reported a net loss of $8 million for the quarter, impacted by income tax expenses and valuation allowances.
- PeopleScout segment revenue decreased by 31%, with a significant impact from the loss of a large hospitality client.
- The renewable energy segment did not grow in the quarter due to weather-related delays and fluctuations in project volumes.
- TrueBlue Inc (TBI) anticipates a continued revenue decline in the fourth quarter, with guidance reflecting a 24% to 18% decrease.
Greetings and welcome to the TrueBlue 3rd Quarter, 2024 Earnings Call at this time.
All participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press "*0" on your telephone keypad [Instructions].
As a reminder, this conference is being recorded at this time. I want to remind everyone that today's call and slide presentation contain forward-looking statements, all of which are subject to risks and uncertainties and management assumes no obligation to update or revise any forward-looking statements. These risks and uncertainties, some of which are described in today's press release and SEC filings could cause actual results to differ materially from those in the forward-looking statements. Management uses non-GAAP measures when presenting financial results. You are encouraged to review the non-GAAP reconciliations in today's earnings release or at TrueBlue dotcom under the investor relations section for a complete understanding of these terms and their purpose. Any
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