TrueBlue reports revenue down in Q4, but year-over-year declines ease


TrueBlue Inc. (NYSE: TBI) revenue was down 12.3% in the fourth quarter. But while revenue hasn’t returned to year-over-year growth, the decline was smaller than those reported in the second and third quarters. Revenue had fallen 25.5% year over year in the third quarter.

“We saw steady improvement in our year-over-year revenue declines during the back half of the year, and we took the right actions to improve profitability, positioning the company for long-term growth as the economy continues to recover,” CEO Patrick Beharelle said.

(US$ thousands) Q4 2020 Q4 2019 % change
Revenue $518,634 $591,040 -12.3%
Gross profit $120,797 $148,835 -18.8%
Gross margin percentage 23.3% 25.2%  
Net income $8,026 $8,715 -7.9%

TrueBlue also noted client users of its JobStack platform were up 20% year over year in the fourth quarter to 26,300.

“PeopleReady’s JobStack app has been a critical tool for us during the pandemic, allowing us to connect with associates and clients safely during these tough times,” Beharelle said.

Revenue by segment

(US$ thousands) Q4 2020 Q4 2019 % change
PeopleReady $297,471 $364,801 -18.5%
PeopleManagement $179,306 $171,344 4.6%
PeopleScout $41,857 $54,895 -23.8%

Full-year results

(US$ thousands) FY 2020 FY 2019 % change
Revenue from services $1,846,360 $2,368,779 -22.1%
Gross profit $440,645 $619,948 -28.9%
Gross margin percentage 23.9% 26.2%  
Net income/loss ($141,841) $63,073 nm

Share price and market cap

Shares in TrueBlue were up 4.25% to $20.49 as of 12:17 p.m. Eastern time; they were 11.09% below their 52-week high of $23.04 set on Feb. 5, 2020, according to The company had a market cap of $697.0 million.