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Kelly Services, Inc.(KELYA), a global workforce soluti ons provider, has released its unaudited consolidated financial results for the first quarter ended April 2, 2023. The company reported net earnings of $10.9 million for the quarter, a positive turnaround from the net loss of $47.6 million in the same period last year. The company's revenue from services for the first quarter of 2023 amounted to $1.27 billion, compared to $1.30 billion in the first quarter of 2022.
Net Earnings/Loss
Kelly Services' financial performance showed a significant improvement in the first quarter of 2023, with net earnings reaching $10.9 million. This marked a notable rebound from the net loss of $47.6 million reported in the corresponding period of the previous year. The company's efforts to optimize operations and manage costs contributed to this positive outcome.
Revenue from Services
The company generated $1.27 billion in revenue from services during the first quarter of 2023. This figure reflects a slight decrease compared to the $1.30 billion reported for the same period in 2022. Despite the challenges posed by the global economic environment, Kelly Services demonstrated resilience in maintaining a substantial revenue stream.
Financial Highlights
Kelly Services achieved a gross profit of $254.1 million in the first quarter of 2023, compared to $258.6 million in the same period last year. The company's gross profit margin remained relatively stable, demonstrating effective management of costs associated with service delivery.
Selling, general, and administrative expenses totaled $243.4 million in the first quarter of 2023, slightly higher than the $236.1 million recorded in the first quarter of 2022. The company continued to invest in its operational infrastructure and business development strategies.
Losses on investments, including the loss on investment in Persol Holdings and currency translation losses from the liquidation of a subsidiary, were mitigated by gains from other income sources. The company reported earnings from operations of $10.7 million in the first quarter of 2023, down from $23.4 million in the same period of the previous year.
Kelly Services' first-quarter financial results demonstrate its commitment to navigating challenges while pursuing growth opportunities. The company's ability to achieve net earnings and maintain a substantial revenue stream reflects its strategic approach to workforce solutions in a dynamic market. As the global economy continues to recover, Kelly Services remains positioned to adapt and provide value to its clients and stakeholders.