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Robert Half's (RHI) Q3 Earnings Beat Estimates, Increase Y/Y

·3-min read

Robert Half International Inc. RHI reported impressive third-quarter 2021 results, with earnings and revenues beating the Zacks Consensus Estimate.

Quarterly earnings of $1.53 per share beat the consensus mark by 9.3% and were up more than 100% year over year. Revenues of $1.71 billion surpassed the consensus mark by 4% and increased 44% year over year on a reported basis and 43% on an as-adjusted basis.

The company’s shares have appreciated 96.5% over the past year, significantly outperforming the 65.8% growth of the industry it belongs to.

Robert Half International Inc. Price, Consensus and EPS Surprise

Robert Half International Inc. Price, Consensus and EPS Surprise
Robert Half International Inc. Price, Consensus and EPS Surprise

Robert Half International Inc. price-consensus-eps-surprise-chart | Robert Half International Inc. Quote

Staffing and Protiviti Revenues Rise

Global Staffing revenues of $1.2 billion increased 38% year over year on an ad- adjusted basis. U.S. staffing revenues of $932 million were up 40% on an as-adjusted basis. Non-U.S. staffing revenues increased 34% on an adjusted basis to $279 million. Currency exchange rate movements increased staffing revenues by $7 million.

The quarter had 64.4 billing days, compared with 64.3 in the year-ago quarter. At present, Robert Half operates 321 staffing locations worldwide, with 85 locations situated in 17 countries outside the United States.

Protiviti revenues came in at $501 million, up 55% on an as-adjusted basis. U.S. Protiviti revenues of $400 million increased 54% on an adjusted basis. Non-U.S. Protiviti revenues of $101 million increased 61% on an as-adjusted basis.

Margins Expand

Adjusted gross profit in the quarter was $725.1 million, up 54% year over year. Adjusted gross profit margin of 42.3% improved 270 basis points year over year.

Key Balance Sheet and Cash Flow Figures

Robert Half ended the quarter with a cash and cash equivalent balance of $633.7 million compared with $543 million witnessed at the end of the previous quarter. The company generated $225 million of cash from operations while capital expenditures were $8.7 million. It paid out $42 million in dividends and repurchased shares worth $75 million in the reported period.

Q3 Guidance

For the fourth quarter of 2021, Robert Half expects revenues in the range of $1.655 billion to $1.735 billion, the midpoint ($1.695 billion) of which is higher than the current Zacks Consensus Estimate of $1.66 billion.

EPS is expected between $1.37 and $1.47, higher than the Zacks Consensus Estimate of $1.35.

Currently, Robert Half carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Performance of Some Other Business Services Companies

Equifax EFX reported better-than-expected third-quarter 2021 results. Adjusted earnings of $1.85 per share beat the Zacks Consensus Estimate by 7.6% but declined 1.1% on a year-over-year basis. Revenues of $1.22 billion outpaced the consensus estimate by 3.6% and improved 14.5% year over year.

IQVIA Holdings IQV reported impressive third-quarter 2021 results with earnings per share of $2.17 beating the consensus mark by 1.9% and improving 33.1% on a year-over-year basis. Total revenues of $3.39 billion outpaced the consensus estimate by 1% and increased 21.7% year over year.

Omnicom OMC reported third-quarter 2021 adjusted earnings of $1.65 per share that beat the consensus mark by 20.4% and increased 36.4% year over year. Total revenues of $3.4 billion surpassed the consensus estimate by 0.6% and increased 7.1% year over year.


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