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TrueBlue, Inc. (NYSE: TBI) is a premier provider of staffing, recruiting, and workforce management solutions, supporting a diverse range of industries including construction, energy, manufacturing, financial services, pharmaceuticals, transportation, and aviation. TrueBlue assigns as many as 100,000 individuals to work daily, drawing from an extensive database of candidates, and places over 250,000 people in permanent positions annually.
The company's operations are structured into three main segments:
- PeopleReady: Specializes in industrial staffing services, offering on-demand labor solutions to meet immediate workforce needs.
- PeopleManagement: Provides contingent, on-site industrial staffing and productivity-based services, catering to clients' specific operational requirements.
- PeopleScout: Offers a range of recruitment process outsourcing (RPO) services, talent advisory, and managed service provider (MSP) solutions, helping organizations streamline their hiring processes and achieve better talent outcomes.
Recently, TrueBlue's research through PeopleScout, in collaboration with Spotted Zebra, revealed that 90% of HR leaders believe that half of their workforce will need reskilling in the next five years. Despite this, only 7% have active reskilling programs. The study highlighted the critical need for skills-based talent acquisition and management strategies as global labor trends evolve due to automation, AI adoption, and other technological advancements.
TrueBlue remains a trusted advisor to numerous clients across various sectors, addressing the widening skills gap and emphasizing the importance of future-focused skills strategies. In 2022, TrueBlue served 84,000 clients and connected approximately 611,000 people to work. In 2023, the company served 67,000 clients, connecting around 464,000 people to job opportunities.
The PeopleReady segment is currently gearing up for the summer hiring surge in the hospitality industry, connecting businesses with qualified workers for major events like the Indy500, NBA Finals, and U.S. Open, among others. With a comprehensive presence in more than 600 markets across the U.S., PeopleReady's JobStack app allows job seekers to find work conveniently from their mobile devices.
TrueBlue (NYSE: TBI) announced the launch of the next generation of PeopleReady's JobStack staffing app, featuring new ReadyMatch technology for instant worker matching. The enhanced app includes key features like Instant Accept for immediate shift acceptance, improved worker ratings, development opportunities, and coordinated jobsite management across multiple locations.
The app is supported by hundreds of branch teams across all 50 states, combining digital convenience with local service. JobStack enables 24/7 access to E-Verified workers without recruitment, paperwork, or payroll burdens for employers, while offering job seekers flexible work opportunities and easy schedule management.
TrueBlue executives Taryn Owen (President and CEO) and Kristy Willis (PeopleReady President) have been named to the Staffing Industry Analysts' Global Power 150 Women in Staffing List. This marks Owen's eighth consecutive year and Willis' fifth appearance on the prestigious list.
The company has achieved notable milestones including the successful deployment of its JobStack app, diversification of RPO business into higher skilled placements, and enhanced cross-selling initiatives. Despite challenging labor market conditions, TrueBlue continues to demonstrate strong leadership in specialized workforce solutions, focusing on connecting people with work opportunities while driving organizational growth.
TrueBlue (NYSE:TBI) reported its Q3 2024 financial results, showing revenue of $382 million, down 19% from $473 million in Q3 2023. The company posted a net loss of $8 million compared to breakeven in the prior year period. SG&A expenses were reduced by 17% to $100 million, and Adjusted EBITDA was $5 million versus $10 million year-over-year. The company maintains zero debt with $15 million in cash and $133 million in borrowing availability. During Q3, TrueBlue repurchased $4 million in shares with $34 million remaining under authorization. Management noted challenging market conditions while focusing on digital transformation, market expansion, and organizational simplification.
TrueBlue's (NYSE: TBI) subsidiary Centerline Drivers has been named one of the Top Companies for Women to Work for in Transportation by the Women in Trucking Association for the sixth consecutive year. The award recognizes companies promoting women's employment in trucking with positive environments, competitive benefits, and advancement opportunities.
Centerline demonstrates strong diversity metrics, with women holding 50% of leadership positions and comprising two-thirds of the workforce. The company has implemented recruitment initiatives, mentorship programs, and scholarships to support women in transportation. The recognition was determined through over 30,000 industry professional votes.
PeopleReady, a TrueBlue company (NYSE: TBI), has been named a Leader in Everest Group's U.S. Industrial Contingent Talent and Strategic Solutions PEAK Matrix® 2024 for the second consecutive year. The company was recognized for its Skilled Trades division, successful renewables program, and digital staffing platform JobStack. PeopleReady's strengths include its ability to source general and skilled talent across industries like construction, renewable energy, logistics, manufacturing, hospitality, and retail. The company's initiatives include the WorkUp program for workforce upskilling and an omnichannel delivery approach combining physical presence with digital solutions.
TrueBlue (NYSE: TBI) has announced that it will release its third quarter 2024 earnings results after the market close on Monday, November 4, 2024. The company will host a webcast to discuss the results at 2:00 p.m. PT (5:00 p.m. ET) on the same day. Investors and interested parties can access the webcast and a presentation of financial information on TrueBlue's official website at www.trueblue.com. For those unable to attend the live webcast, an audio replay will be available on the company's website for six months following the call.
TrueBlue's Centerline Drivers celebrated its fourth annual 'Respect the Drive Month' to honor truck drivers nationwide. The initiative aims to address the industry's driver shortage and appreciation issues, as highlighted in Centerline's State of Trucking 2024 survey. Nearly 25% of drivers reported feeling underappreciated as a key reason for seeking a new profession.
Jill Quinn, President of Centerline Drivers, emphasized the important role drivers play in the organization and economy. This year, Centerline introduced the Respect the Drive Customer Awards program to recognize companies demonstrating leadership in safety, inclusivity, and fostering a positive culture for drivers. The awards include:
- Open Road Award
- Driver Culture Award
- Safety Award
- Respect the Drive Award
These initiatives reflect Centerline's commitment to celebrating and supporting truck drivers year-round.
TrueBlue (NYSE: TBI), a leading provider of specialized workforce solutions, has announced its participation in the Sidoti Virtual Investor Conference. CEO Taryn Owen and CFO Carl Schweihs will engage in a fireside chat on Wednesday, September 18th at 3:15 PM Eastern Time.
Investors and interested parties can access a live webcast of the event through TrueBlue's Investor Relations website at investor.trueblue.com. A replay will also be available for those unable to attend the live session. Additionally, TrueBlue's management team will be hosting virtual meetings throughout the day, providing further opportunities for engagement with investors.
TrueBlue (NYSE: TBI) reported its Q2 2024 results, showing significant challenges. Revenue decreased 17% to $396 million compared to $476 million in Q2 2023. The company reported a net loss of $105 million, including a $45 million non-cash goodwill and intangible asset impairment charge and a $55 million valuation allowance charge on deferred tax assets. Despite these challenges, TrueBlue reduced SG&A expenses by 20% to $97 million and maintained a strong financial position with zero debt, $26 million in cash, and $132 million in borrowing availability.
CEO Taryn Owen acknowledged the ongoing economic uncertainty affecting the temporary staffing industry but emphasized the company's progress in advancing strategic priorities, including digital transformation and expansion into skilled trades and healthcare markets. TrueBlue is focusing on organizational simplification and cost reduction to better position itself for future growth opportunities.
TrueBlue (NYSE: TBI) has announced that it will release its second quarter 2024 earnings results after the market closes on Monday, August 5, 2024. The company will hold a webcast at 2:00 p.m. PT (5:00 p.m. ET) on the same day to discuss the results. Investors and interested parties can access the webcast and a presentation of financial information on TrueBlue's official website at www.trueblue.com. For those unable to attend the live webcast, an audio replay will be available on the company's website for six months following the call.
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