Insperity, Inc. reported its financial results for the third quarter and the first nine months of 2024, revealing significant changes in profitability despite a slight increase in revenue. For Q3 2024, the company achieved net income of $3 million, a substantial decrease of 93% compared to $45 million in Q3 2023. Diluted earnings per share (EPS) for the quarter fell to $0.07, down 94% from $1.16 in the same period last year.
In the first nine months of 2024, Insperity's net income totaled $100 million, reflecting a 34% decline from $152 million in the same timeframe of 2023. The diluted EPS for this period was $2.63, a decrease of 33% from $3.94 in the prior year.
Despite these declines in profitability, Insperity reported revenues of $1.561 billion for Q3 2024, marking a 1% increase from $1.551 billion in Q3 2023. For the first nine months of 2024, revenues reached $4.968 billion, also up 1% from $4.906 billion in the same period of 2023. Gross profit for Q3 2024 was $229 million, down 11% from $258 million in Q3 2023, while gross profit for the first nine months increased by 2% to $834 million from $815 million in the same period of 2023.
Operating expenses saw a notable rise, with total operating expenses for Q3 2024 amounting to $228 million, a 15% increase from $199 million in Q3 2023. For the first nine months, operating expenses totaled $702 million, reflecting a 13% increase from $619 million in the same period of 2023.
As of September 30, 2024, Insperity reported cash and cash equivalents of $470 million, a decrease from $693 million at the end of 2023. Total assets also declined to $1.933 billion from $2.120 billion at December 31, 2023. However, total current liabilities decreased to $1.233 billion from $1.436 billion during the same period.
Overall, Insperity's financial performance in 2024 has been characterized by increased revenues but significant declines in net income and profitability metrics, alongside rising operating expenses.
About INSPERITY, INC.
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