Robert Half Posts 15 Percent Revenue Gain
January 31, 2022 – Robert Half International Inc./(NYSE:RHI) posted full-year revenues of $6.46 billion, up 15 percent from $5.11 billion the prior year. The Menlo Park, CA-based recruiting company posted fourth quarter revenues of $1.77 billion, a decrease of 36 percent. For the year ended Dec. 31, 2021, net income was $599 million, or $5.36 per share, on revenues of $6.461 billion. For the year ended Dec. 31, 2020, net income was $306 million, or $2.70 per share, on revenues of $5.109 billion. For the quarter ended Dec. 31, 2021, net income was $168 million, or $1.51 per share. Net income for the prior year’s fourth quarter was $94 million, or $.84 per share.
“2021 was an extraordinary year, and we achieved record annual results,” said M. Keith Waddell, president and CEO of Robert Half. “Fourth quarter revenues grew 36 percent and net income grew 78 percent, exceeding the high end of our guidance and reflecting sustained, broad-based demand across our staffing and business consulting businesses. Our permanent placement and Protiviti operations continued to show very strong results, growing year-over-year revenues by 73 percent and 37 percent, respectively.”
“Our temporary and consultant staffing operations also performed well and had year-over-year revenue growth of 31 percent, with particular strength in management resources, which grew 56 percent,” Mr. Waddell said. “Compared with the pre-pandemic fourth quarter of 2019, 2021 revenues were higher by 15 percent and net income was higher by 49 percent. Return on invested capital for the company was 50 percent in the fourth quarter.”
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“We begin the new year with tremendous momentum and optimism, and remain laser focused on our time-tested corporate purpose — to connect people to meaningful and exciting work and provide clients with the talent and deep subject matter expertise they need to confidently compete and grow,” Mr. Waddell said. “We are proud that our commitment to diversity, equity and inclusion efforts has earned us recent recognition, including placement on the Bloomberg Gender Equality Index and the Human Rights Campaign’s list of Best Places to Work for LGBTQ+ Equality.”
New CMO
Robert Half recently named Chris Nelson as its chief marketing officer. In this role, he will lead the company’s global marketing strategy, overseeing digital and web marketing, data analytics, customer insights, experience design and brand identity. Prior to joining Robert Half, Mr. Nelson was vice president of digital marketing at VMware, where he led a center of excellence team responsible for supporting the company’s online presence in 44 countries, including paid, owned and earned media; content development; search engine optimization; demand generation; email marketing; social media; and digital marketing transformation.
“Chris has a track record of success in accelerating the use of digital channels to create world-class customer experiences that drive revenue growth and customer loyalty,” said Mr. Waddell. “Digital marketing has never been more important for reaching and engaging customers, and we are excited for what the future holds with his leadership.”
Q1 Guidance
For first-quarter 2022, Robert Half expects revenues in the range of $1.75 to $1.8 billion, the midpoint ($1.79 billion) of which is higher than the current Zacks Consensus Estimate of $1.69 billion.
Earnings per share (EPS) are expected between $1.39 and $1.49, higher than the Zacks Consensus Estimate of $1.27.
Robert Half shares have lost about 0.4 percent since the beginning of the year vs. the S&P 500’s decline of -8.7 percent.
Related: Korn Ferry Posts 26 Percent Quarterly Revenue Gain
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media
