KELYB - Kelly Services Non-GAAP EPS of $0.36 misses by $0.04 revenue of $1.22B misses by $20M

2023-08-10 07:34:18 ET

• Kelly Services press release ( NASDAQ: KELYA ): Q2 Non-GAAP EPS of $0.36 misses by $0.04 .
• Revenue of $1.22B (-6.2% Y/Y) misses by $20M .
• Q2 revenue down 3.9%; down 4.5% in constant currency; organic revenue down 2.2% in constant currency.
• Comprehensive business transformation program expected to drive meaningful improvement in EBITDA margin beginning in the second half of 2023.
• As a result of the strategic restructuring and additional cost optimization actions that Kelly will complete in 2023, the Company expects an adjusted EBITDA margin of approximately 3% exiting 2023. Assuming the benefit of a full year of its transformation-related savings and no change in current top-line expectations, the Company would expect to achieve a normalized, adjusted EBITDA margin in the range of 3.3% to 3.5%.

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