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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) has reported its first quarter results for 2023, revealing a 16% revenue decline to $465 million compared to $552 million in Q1 2022. The company experienced a net loss per diluted share of $0.13, down from a net income of $0.30 in the same period last year. Adjusted net loss was $0.06 per diluted share, contrasting with an adjusted net income of $0.44 in Q1 2022. CEO Steve Cooper noted steady underlying revenue trends at PeopleReady since October, despite challenges faced by PeopleScout and PeopleManagement due to macroeconomic factors. The company has implemented cost reductions and disciplined pricing strategies. CFO Derrek Gafford highlighted a strong balance sheet, with $25 million of common stock repurchased during the quarter, leaving $64 million remaining for further buybacks.
PeopleScout has been recognized as a Leader for the fifth consecutive time in NelsonHall's 2023 NEAT Vendor Evaluation for RPO and Total Talent. This designation reflects their strong performance in Innovation in Service and Innovation in Technology/Tools. The evaluation highlighted PeopleScout's extensive range of RPO solutions, deep expertise in Talent Advisory services, and the innovative Affinix technology platform, which incorporates advanced automation and AI capabilities.
According to NelsonHall's Principal HR Research Analyst, this recognition underscores PeopleScout's commitment to meeting clients' strategic workforce needs. The NEAT evaluation is based on analyst assessments and client feedback, validating PeopleScout's ability to deliver immediate benefits while preparing for future requirements.
TrueBlue (NYSE: TBI) is set to release its Q1 2023 earnings results on April 24, 2023, after market closure. Following the announcement, management will host a webcast at 2:30 p.m. PT (5:30 p.m. ET) to discuss the results. The financial presentation will be accessible on TrueBlue's official website. In 2022, TrueBlue connected approximately 611,000 people with work, showcasing its role as a top provider of specialized workforce solutions. The company operates through segments like PeopleReady for on-demand industrial staffing, PeopleScout for recruitment process outsourcing, and PeopleManagement for contingent staffing solutions.
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