Kforce Reports Second Quarter 2024 Revenue of $356.3 Million and EPS of $0.75

Core Insights - Kforce Inc. reported revenue for Q2 2024 of $356.3 million, a decrease of 8.4% year-over-year but an increase of 1.3% sequentially [18] - The company anticipates Q3 2024 revenue guidance between $347 million and $355 million, with earnings per share projected between $0.65 and $0.73 [1][29] - The gross profit margin for Q2 2024 was 27.8%, reflecting a sequential increase of 70 basis points but a year-over-year decrease of 50 basis points [18] Financial Performance - Total revenue for Q2 2024 was $356.3 million, compared to $389.2 million in Q2 2023, with Flex revenue at $348.8 million [4][18] - Gross profit margins increased to 27.8% sequentially and decreased to 27.8% year-over-year, while Flex gross profit margins were 26.2% [18] - SG&A expenses as a percentage of revenue were 21.8%, down 40 basis points sequentially but up 50 basis points year-over-year [18] Market Outlook - The company expressed confidence in the evolving role of technology, particularly AI, in driving business demand and improving market conditions [1][17] - Kforce's management noted that the current operating environment is more stable and constructive compared to most of 2023, with stable demand for technology resources [17] Shareholder Returns - Kforce returned $15.4 million to shareholders through stock repurchases and dividends in Q2 2024 [18] - A cash dividend of $0.38 per share was approved for Q3 2024, payable on September 27, 2024 [18]