TrueBlue, Inc., the Tacoma-based temporary labor provider, today announced first quarter earnings double those of the first quarter of last year.
The company said its net income for this year’s first quarter was $1.53 million compared with $766,000 for the first quarter of 2011. That first quarter 2012 income amounts to 4 cents a share.
That increase in earnings came on revenues that rose by 13 percent over the previous year’s first quarter to $311 million.
“We had another quarter of solid execution across the business,” said TrueBlue Chief Executive Steve Cooper. “Customers continue to want a flexible workforce and a partner to increase productivity,” he said.
For the second quarter, the company predicted revenues in the range of $350 million to $360 million and net income per share of 22 to 27 cents a share. Those earnings will increase disproportionately to the revenue increases, said TrueBlue Chief Financial Officer Derrek Gafford because variable expenses don’t increase at the same clip as revenues during the year’s busiest times such as the second and third quarters.
In last year’s second quarter, for instance, TrueBlue’s revenues were $320.2 million and net income was slightly less than 20 cents a share.
TrueBlue’s brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs and Centerline.