Shares of TrueBlue have taken a hit as the employment staffing agency reported a loss in the second quarter, failing to meet the consensus forecast on adjusted earnings and experiencing a steeper decline in sales than anticipated.
Stock Price Plummets
After the news broke, the company’s stock dropped by 13%, trading at $16 during after-hours. TrueBlue shares have been on a downward trend, reflecting a nearly 7% decline since the beginning of the year and a 3% decrease compared to 12 months ago.
Financial Performance
TrueBlue, headquartered in Tacoma, Washington, suffered a loss of $7.3 million, or 24 cents per share, compared to a profit of $24 million, or 72 cents per share, in the same quarter last year.
Adjusted earnings, excluding one-time items, amounted to 17 cents per share. This figure fell short of the analysts’ forecast of 23 cents per share, according to FactSet.
Disappointing Revenue Generation
The company’s revenue for the quarter dropped to $475.6 million from $569.3 million. This revenue decline missed analysts’ expectations of $496.1 million as reported by FactSet.
