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TrueBlue’s revenues, earnings increase in second quarter

Post by John Gillie / The News Tribune on July 25, 2012 at 2:56 pm |
July 25, 2012 3:07 pm

Tacoma-based temporary labor provider TrueBlue Inc. saw both revenues and profits increase in double digits in the second quarter, the company reported today.

The company revenues were up 11 percent in the quarter to $354 million compared with the second quarter of 2011 when revenues were $320 million. The second quarter marked the ninth consecutive quarter of revenue growth.

Net income jumped 21 percent in the same period to $10.3 million compared with $8.5 million in the same quarter last year.

“We executed very well this quarter,” said TrueBlue CEO Steve Cooper. “Our team delivered double-digit growth in revenue and profits. Our services are increasingly relevant to customers who are turning to us as they manage their businesses through this uncertain economic environment. Our disciplined approach to managing our business will continue to drive growth and deliver value over the long term.”

The residential construction business remained challenging in the second quarter, said Cooper. The energy business, however, provided the company with a growing market and dependable new business, company executives told analysts.

The company predicted revenues of $385 to $395 million for the third quarter and net income per share of 34 cents to 39 cents. Second quarter earnings per share amounted to 26 cents.

TrueBlue’s brands include Labor Ready, Spartan Staffing, CLP Resources, PlaneTechs, and Centerline.

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