NEW YORK - Robert Half International Inc. (NYSE:RHI) reported better-than-expected third quarter results on Tuesday. RHI shares were down 0.9% following the announcement.
The staffing services company posted adjusted earnings per share of $0.64, exceeding analyst estimates of $0.62. Revenue came in at $1.47 billion, surpassing the consensus forecast of $1.44 billion.
Despite topping expectations, Robert Half's results declined compared to the same period last year. Revenue fell 6.3% YoY from $1.56 billion, while EPS dropped from $0.90 in Q3 2023.
"Revenues and earnings for the third quarter exceeded our expectations, driven by very strong results from Protiviti, which posted sequential and year-on-year revenue gains," said M. Keith Waddell, president and CEO of Robert Half.
The company's Protiviti segment, which provides risk consulting and internal audit services, saw revenue increase 6.4% YoY to $511.3 million. However, this was offset by declines in Robert Half's talent solutions businesses.
Contract talent solutions revenue decreased 11.9% to $830.4 million, while permanent placement talent solutions revenue fell 11.9% to $123.3 million.
Waddell noted that while client budgets remain constrained, business confidence levels are improving. He cited progress on inflation and expectations for interest rate cuts as positive factors.
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