TBI stock rose on July 28, 2020, a day after the company reported earnings and revenue beats for the quarter.
TrueBlue (NYSE:TBI) announced its second quarter results for 2020. TrueBlue reported Q2 adjusted EPS of (12c) versus the consensus estimate of (42c). The company reported Q2 revenue of $359M versus the consensus estimate of $347.16M.
“I want to thank our employees, associates, and clients for their outstanding efforts to safely serve the needs of our communities and essential businesses over the past several months,” said Patrick Beharelle, CEO of TrueBlue. “We will continue to face revenue challenges until the economic recovery from COVID-19 gains greater momentum and clients are back on their feet.”
“We experienced a significant decline in the demand for our services during the quarter,” Mr. Beharelle continued. “We saw moderate demand improvement toward the end of the quarter which continued into July. Our actions to reduce expenses while maintaining our operational strengths are paying off. These actions not only help preserve profitability, but also help maintain our balance sheet strength and allow us to continue to invest in our digital strategies.”
Due to the uncertainty surrounding COVID-19 and its impact on the business environment, TrueBlue is not providing customary quarterly guidance. However, the company is providing certain forward-looking information to help investors form their own estimates, which can be found in the quarterly earnings presentation filed today.