Kforce Updates Second Quarter Revenue Trends Ahead of Its Presentation at the Robert W. Baird Conference on June 3rd
TAMPA, Fla., June 02, 2020 (GLOBE NEWSWIRE) -- Kforce Inc. (NASDAQ: KFRC) today provided an update to its revenue trends ahead of its scheduled presentation at Baird’s 2020 Virtual Global Consumer,
Technology & Services Conference on June 3, 2020. Kforce’s Technology Flex and FA Flex revenues are down approximately 2% and 22%, respectively, year-over-year on a quarter-to-date basis as of
the most recent week. Based on recent trends, Kforce now expects revenues and earnings per share to exceed analyst consensus estimates for the second quarter.
David L Dunkel, Chief Executive Officer, commented, “We are pleased with the continued stabilization of our businesses, and relative strength of our technology business, since we reported first quarter results on May 6, 2020. We believe our performance in our technology business speaks to the strength in the secular drivers of demand in this business, scarcity of talent, and their capabilities to work remotely. Our position as a 100% domestically focused organization with approximately 80% of our business being concentrated in higher-end technology staffing and solutions gives us great confidence moving forward. We will continue to prioritize allocating capital in this business to capture even greater market share post pandemic.”
David M Kelly, Chief Financial Officer, commented, “As the second quarter has unfolded, we have continued to see stabilization in each of our lines of business, especially in our technology business. In addition, we spoke about the business we secured to support the government’s response to the COVID-19 health and economic crisis by partnering with several companies to provide consultants in certain roles. While these engagements are fluid, we have seen a significant ramp in these projects as the quarter has progressed and believe that revenues will likely be in the top half of the $20 to $30 million range, we provided on our Q1 2020 earnings call. These opportunities provide an important level of support to our core FA Flex business as we navigate the revenue reductions brought on by this crisis.”
Access Baird Presentation - Kforce will present on June 3, 2020 at 11:25 a.m. Eastern. A link to the live Baird conference webcast and presentation can be accessed on Kforce's web site at www.kforce.com in the Investor Relations section under "Events and Presentations.”
Kforce Inc. is a professional staffing services and solutions firm that specializes in the areas of Technology and Finance and Accounting. Each year, through our network of approximately 50 offices and two national delivery centers, we provide opportunities for over 30,000 highly skilled professionals who work with over 4,000 clients, including 70% of the Fortune 100. At Kforce, our promise is to deliver great results through strategic partnership and knowledge sharing. For more information, please visit our website at http://www.kforce.com.