The economy clearly is not demanding as many construction workers as it did during the pre-recession boom. Manufacturing, too, is still recovering, and it needs far less workers than it did years ago thanks to technological advances. But highly skilled workers are in demand, especially those trained in technology and finance. Specialized staffer and business consultant Robert Half International (RHI) is there to play matchmaker.
For the quarter ended March 31, 2011, Robert Half International’s net income hit $26.7 million or 18 cents per share, up from $8.5 million or 5 cents per share during the same period a year ago. Revenue totaled $880.9 million during the first three months of 2011, up from $737.2 million during the same period a year earlier.
Both income and profits beat Wall Street expectations. Analysts on average had expected earnings of 17 cents a share on revenue of $871.8 million. "During the first quarter, we continued to see positive business trends," says company Chairman and CEO Harold M. Messmer, Jr.
"We saw strong demand for our professional staffing services, particularly in our Robert Half Technology and Robert Half Finance & Accounting divisions. We also saw an improving pricing environment indicative of further strengthening in our underlying labor markets."
Most economists believe the economy will improve to at least some degree during the second half of this year. That's good news for Robert Half International, which should see more demand as businesses grow.
Avondale, for example, recently initiated coverage of the company's stock with a market outperform recommendation.
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