BBSI reports Q1 revenue $265.8M (+4% YoY); net loss $0.1M due to payroll tax seasonality

BARRETT BUSINESS SERVICES INC

2024-Q1 EPS reported -$0.02 revenue$265,782,000

Revenue $265.8M (+4% YoY); gross billings $1.91B (+7% YoY). Net loss $0.1M ($0.02/diluted share) vs net income $0.8M ($0.12/diluted share) a year ago.
Payroll taxes and benefits (8.5% of gross billings) increased from 8.1%, causing seasonal Q1 net loss.
Workers' comp expense improved to 2.6% of gross billings, helped by $3.0M favorable prior-year adjustments.
Declared $0.30 quarterly dividend payable May 31 to record holders May 17; $51.9M remains under buyback program.
FY2024 outlook reaffirmed: gross billings +6-8%, WSE +4-5%, gross margin 2.95-3.15%, tax rate 26-27%.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

BARRETT BUSINESS SERVICES INC reported first quarter ended March 31, 2024 results: revenue $265.8 million, net income Net loss of $0.1 million, EPS $(0.02) per diluted share.

Period: first quarter ended March 31, 2024
Revenue: $265.8 million
Net income: Net loss of $0.1 million
EPS: $(0.02) per diluted share
Result: reported results

Exact text from the filing

BBSI Reports Strong First Quarter 2024 Financial Results - Revenues of $265.8 Million

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Source: SEC EDGAR

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