UPDATE 1-TrueBlue Q1 loss narrows; sees profit in Q2

Wed Apr 21, 2010 4:53pm EDT

* Q1 loss/shr $0.05 vs $0.12 loss/shr last year

* Sees Q2 EPS between $0.03 to $0.08

* Revenue up 7 pct

April 21 (Reuters) - TrueBlue Inc (TBI.N), a provider of temporary blue-collar workers, posted a narrower quarterly loss, partly helped by lower expenses, and forecast a profit of 3 cents to 8 cents per share for the second quarter.

The company expects to post revenue in the range of $265 million to $275 million for the second quarter.

For the second quarter, analysts on average were expecting a profit of 5 cents a share, on revenue of $265.9 million, according to Thomson reuters I/B/E/S.

The company posted first-quarter loss of $2.3 million, or 5 cents a share, compared with a loss of $5.3 million, or 12 cents a share a year earlier.

Revenue rose 7 percent to $240 million, aided by a 15 percent growth in same branch revenue in March. Analysts on average were expecting a loss of 8 cents a share, on revenue of $237.3 million.

Selling, general and administrative expenses fell by about 10 percent to $61,214 in the first quarter.

TrueBlue closed eight branches in the first quarter, resulting in 747 branches in operation at the end of the quarter, it said in a statement.

Shares of the company closed up about 6 percent at $17.04 Tuesday on the New York Stock Exchange. (Reporting by Gowri Jayakumar in Bangalore; Editing by Don Sebastian)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.