Trueblue (TBI) Issues Earnings Results, Beats Estimates By $0.03 EPS

Trueblue (NYSE:TBI) announced its earnings results on Wednesday. The business services provider reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03, reports. The firm had revenue of $669.63 million during the quarter, compared to analyst estimates of $667.66 million. Trueblue had a net margin of 2.22% and a return on equity of 14.05%. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.58 EPS. Trueblue updated its Q1 guidance to $0.18-0.24 EPS.

Trueblue (NYSE:TBI) traded up $0.45 during trading on Thursday, hitting $26.35. 247,854 shares of the stock were exchanged, compared to its average volume of 204,306. Trueblue has a one year low of $19.30 and a one year high of $29.50. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.77 and a current ratio of 1.77. The firm has a market cap of $1,062.99, a P/E ratio of 19.89 and a beta of 2.28.

A number of equities analysts recently weighed in on the stock. BMO Capital Markets reduced their target price on shares of Trueblue from $30.00 to $29.00 and set a “market perform” rating for the company in a research note on Thursday. TheStreet upgraded shares of Trueblue from a “c+” rating to a “b” rating in a research note on Friday, November 17th. Zacks Investment Research downgraded shares of Trueblue from a “hold” rating to a “sell” rating in a research note on Tuesday, January 2nd. Finally, Robert W. Baird increased their price objective on shares of Trueblue from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 31st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Trueblue presently has an average rating of “Hold” and an average target price of $27.50.

Trueblue declared that its board has approved a share buyback program on Monday, October 30th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the business services provider to repurchase shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

In related news, EVP Wayne W. Larkin sold 12,600 shares of the firm’s stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $28.54, for a total value of $359,604.00. Following the completion of the sale, the executive vice president now directly owns 39,461 shares in the company, valued at approximately $1,126,216.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steven C. Cooper sold 23,900 shares of the firm’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $28.06, for a total transaction of $670,634.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 44,000 shares of company stock valued at $1,241,438. Company insiders own 2.00% of the company’s stock.

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About Trueblue

TrueBlue, Inc is a provider of specialized workforce solutions. The Company is engaged in providing staffing, on-site workforce management and recruitment process outsourcing services. The Company operates through three segments: PeopleReady, PeopleManagement and PeopleScout. Its PeopleReady segment provides blue-collar contingent staffing through the PeopleReady service line.

Earnings History for Trueblue (NYSE:TBI)

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