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TrueBlue Reports Second Quarter 2023 Results: Revenue was $476 million, a Decrease of 16 Percent YOY
Jul 25, 2023
TACOMA, Wash.--TrueBlue (NYSE: TBI) announced its second quarter results for 2023 on 24 July.

Second quarter revenue was $476 million, a decrease of 16 percent compared to revenue of $569 million in the second quarter of 2022. Net loss per diluted share was $0.24 compared to net income per diluted share of $0.72 in the second quarter of 2022. Second quarter adjusted net income1 per diluted share was $0.17 compared to adjusted net income per diluted share of $0.82 in the second quarter of 2022.

Included in the net loss for the second quarter is a non-cash goodwill and intangible asset impairment charge of $9 million after tax or $0.30 per diluted share.

“Our results reflect an environment of softening demand,” said Steve Cooper, CEO of TrueBlue. “Given the tight labor market, clients continue to focus on retaining employees, but they are also increasingly focused on reducing costs. As a result, clients are becoming more selective on which jobs they choose to fill.”

“We maintained pricing discipline in our staffing segments and took additional actions to reduce costs,” said Taryn Owen, President & COO of TrueBlue. “We remain highly engaged with our clients and are well positioned to support their current and future workforce needs.”

About TrueBlue

TrueBlue (NYSE: TBI) is a leading provider of specialized workforce solutions that help clients achieve business growth and improve productivity. In 2022, TrueBlue connected approximately 611,000 people with work. Its PeopleReady segment offers on-demand, industrial staffing, PeopleScout offers recruitment process outsourcing (RPO) and managed service provider (MSP) solutions, and PeopleManagement offers contingent, on-site industrial staffing and commercial driver services.

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