UPDATE 1-TrueBlue results top Street view, sees weak Q3

Wed Jul 21, 2010 5:24pm EDT

* Q2 EPS $0.18 vs $0.09 a year ago

* Sees Q3 EPS $0.15-$0.20

* Sees Q3 rev $295-$305 mln, below Street view

July 22 (Reuters) - TrueBlue Inc (TBI.N), provider of temporary blue-collar staffing, posted better-than-expected quarterly results helped by cost control measures, but forecast a weak third quarter.

"Our revenue growth combined with our continued ability to successfully manage costs resulted in substantial profit growth," Chief Executive Steve Cooper said.

For the second quarter, net income doubled to $7.9 million, or 18 cents per share. The results included an income tax benefit of 3 cents a share.

Revenue was up 15 percent to $285 million, TrueBlue said.

Analysts were expecting the company to post earnings of 7 cents per share, on revenue of $274.16 million, according to Thomson Reuters I/B/E/S.

The company said it closed eight branches in the quarter, resulting in a current total of 739 operational branches.

The company, which operates brands such as Labor Ready and Spartan Staffing, forecast third-quarter earnings between 15 cents and 20 cents a share. Analysts were expecting 19 cents per share for period.

TrueBlue sees revenue of $295 million to $305 million for the third-quarter, lower than analysts' estimates of $315.64 million

Shares of the Tacoma, Washington-based company closed at $11.08 Wednesday on the New York Stock Exchange. (Reporting by Siddharth Cavale in Bangalore; Editing by Saumyadeb Chakrabarty)