Robert Half Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, reflecting a decline in both revenue and profitability compared to the same periods in 2023. Service revenues for the third quarter totaled $1,465 million, down 6.3% from $1,564 million in Q3 2023. For the nine months, service revenues decreased by 10.3% to $4,413 million from $4,920 million in the prior year.
The company's gross margin for Q3 2024 was $572 million, a decrease of 10.8% from $641 million in Q3 2023. For the nine months, gross margin fell to $1,711 million from $1,991 million, representing a 14.0% decline. The decrease in gross margin was attributed to higher fringe costs and lower pay-bill spreads in the contract talent solutions segment, which saw revenues drop by 11.9% in Q3 2024 compared to the same period in 2023.
Net income for the third quarter was $65 million, down from $96 million in Q3 2023, while net income for the nine months was $197 million, compared to $324 million in the previous year. This resulted in diluted net income per share of $0.64 for Q3 2024, down from $0.90 in Q3 2023, and $1.91 for the nine months, compared to $3.04 in the same period last year.
The company’s total assets as of September 30, 2024, were $2,982 million, slightly down from $3,011 million at the end of 2023. Total liabilities increased to $1,508 million from $1,422 million, while total stockholders’ equity decreased to $1,474 million from $1,588 million.
In terms of strategic developments, Robert Half has continued to invest in technology and innovation, utilizing a proprietary "Recruiters plus award-winning AI" strategy. The company also reported a decrease in headcount in its contract talent solutions and permanent placement segments, while full-time headcount for its Protiviti consulting segment increased.
The company declared a quarterly dividend of $0.53 per share, an increase from $0.48 in the same period last year, reflecting its commitment to returning value to shareholders despite the overall decline in financial performance. The company remains focused on navigating challenging market conditions, with client budgets constrained but showing signs of improvement in business confidence.
About ROBERT HALF INC.
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