Kelly Services Inc
F:KYSA
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Kelly Services Inc
Kelly Services, Inc. engages in staffing and workforce solutions. The company is headquartered in Troy, Michigan and currently employs 7,400 full-time employees. The firm provides workforce solutions in three regions: the Americas; Europe and the Asia-Pacific regions. The firm's segments are Professional & Industrial (P&I), Science, Engineering & Technology (SET), Education, Outsourcing & Consulting (OCG), and International. P&I segment delivers staffing, outcome-based and direct-hire services. SET segment delivers staffing, outcome-based and direct-hire services focused on science and clinical research, engineering, technology and telecommunications specialties. Education segment delivers staffing, direct-hire and executive search services to the K-12.OCG segment delivers Managed Service Provider (MSP), Recruitment Process Outsourcing (RPO), Payroll Process Outsourcing (PPO) and Talent Advisory Services to customers. International segment delivers staffing and direct-hire services.
Kelly Services, Inc. engages in staffing and workforce solutions. The company is headquartered in Troy, Michigan and currently employs 7,400 full-time employees. The firm provides workforce solutions in three regions: the Americas; Europe and the Asia-Pacific regions. The firm's segments are Professional & Industrial (P&I), Science, Engineering & Technology (SET), Education, Outsourcing & Consulting (OCG), and International. P&I segment delivers staffing, outcome-based and direct-hire services. SET segment delivers staffing, outcome-based and direct-hire services focused on science and clinical research, engineering, technology and telecommunications specialties. Education segment delivers staffing, direct-hire and executive search services to the K-12.OCG segment delivers Managed Service Provider (MSP), Recruitment Process Outsourcing (RPO), Payroll Process Outsourcing (PPO) and Talent Advisory Services to customers. International segment delivers staffing and direct-hire services.
Revenue Miss: Q3 revenue fell 9.9% year-over-year to $935 million, below expectations, mainly due to reduced demand from the federal government and three top customers.
Profitability Pressure: Gross profit declined 12.5% and gross margin slipped by 60 basis points YoY, with adjusted EBITDA down 36.7% to $16.5 million.
Guidance Lowered: Q4 revenue is expected to decline 12% to 14% YoY, with continued headwinds from government and large customer demand reductions.
Cost Actions: The company implemented a targeted workforce reduction and is accelerating technology modernization to drive efficiencies.
AI & Technology Focus: Kelly is investing in AI integration and technology upgrades, both for client offerings and internal efficiencies.
Segment Variability: Education achieved a 90% fill rate and grew 0.9%, while SET and ETM segments saw revenue declines but some pockets of growth in telecom and engineering.
