Trueblue - TBI STOCK NEWS

TrueBlue (NYSE:TBI) has reported its 2022 third-quarter results, with revenues of $576 million, nearly unchanged from $577 million in Q3 2021. The company saw an increase in net income per diluted share, rising to $0.63 from $0.53 year-over-year. Adjusted net income also improved to $0.75 per diluted share, up from $0.59. CEO Steve Cooper noted improved order fulfillment due to better worker supply, resulting in stronger bill/pay spreads and higher operating income. However, he warned that demand might soften amid rising economic uncertainty.

PeopleReady's recent survey indicates that 60% of seasonal job seekers are actively looking for temporary work, driven by inflation concerns and increased household expenses. Key findings reveal that 53% prioritize wage increases, while 23% value flexible scheduling. Challenges highlighted include finding suitable job hours (28%) and overall job satisfaction (43%). The app JobStack™ has seen significant adoption, facilitating job searches for users. Industries like retail and hospitality are expected to face the toughest hiring challenges this holiday season.

TrueBlue (NYSE: TBI) will announce its third quarter 2022 earnings results on October 24, 2022, after market close. A webcast detailing these results will take place at 2:30 p.m. PT (5:30 p.m. ET) on the same day. TrueBlue is recognized for its specialized workforce solutions, connecting around 615,000 people with work in 2021 across various segments such as PeopleReady, PeopleManagement, and PeopleScout. Investors can access the webcast and financial information via TrueBlue's official website.

TrueBlue has appointed Taryn Owen as President and Chief Operating Officer, effective immediately. Owen, who joined TrueBlue in 2010, will oversee all operating segments, technology, marketing, and human resources. She has previously served as President of the PeopleReady and PeopleScout brands and has been instrumental in the company’s growth and pandemic response. CEO Steve Cooper praised her dynamic leadership and commitment to TrueBlue's mission. TrueBlue connects approximately 615,000 individuals with work annually, providing specialized workforce solutions across industries.

PeopleReady reports a significant rise in demand for part-time and flexible employment options amidst ongoing inflation. The analysis highlights a 26% year-over-year increase in job postings for these roles, with over 500,000 unique postings in the last month alone. Notably, the labor force is still nearly four million workers short since the pandemic, impacting workforce participation, especially among women. The report identifies top roles in this sector, including retail sales and fast food positions, emphasizing the importance of flexibility for parents returning to work.

TrueBlue (NYSE:TBI) reported a robust second quarter of 2022, achieving a 10% revenue increase to $569 million compared to $516 million in Q2 2021. Net income per diluted share rose to $0.72, up from $0.45, while adjusted net income increased to $0.82 from $0.47. The company experienced strong demand for its PeopleScout services, although demand for PeopleReady softened as clients reassessed labor needs. TrueBlue anticipates long-term growth supported by its strategic initiatives and operational efficiencies.

The latest analysis by PeopleReady Skilled Trades reveals a significant shortage of skilled labor, exacerbated by the COVID-19 pandemic. Between March 2020 and December 2021, over 4 million jobs in skilled trades, particularly in construction, remained unfilled, more than double pre-pandemic levels. The aging workforce is concerning, with 40% of skilled trades workers over 45, and less than 9% aged 19-24. To combat this, PeopleReady introduced the Respect the Craft™ program, allowing tradespeople to earn up to $1,500 in rewards and compete for the Tradesperson of the Year title worth $5,000.