Robert Half(RHI) ZACKS·2024-10-23 18:45Core Insights - Robert Half International Inc. (RHI) reported better-than-expected third-quarter 2024 results with earnings of 64 cents per share, beating the consensus mark by 1.6% but declining 28.9% year over year. Revenues of $1.47 billion also exceeded expectations by 1.7% but decreased 6.3% year over year [1] Group 1: Financial Performance - Talent Solutions revenues were $954 million, down 13% year over year, but above the estimate of $947.9 million. U.S. Talent Solutions revenues were $725 million, also down 13% year over year [2] - Protiviti revenues reached $511 million, up 5% year over year, surpassing expectations of $490.2 million. U.S. Protiviti revenues increased 8% year over year to $411 million [2] - Adjusted gross profit was $577.8 million, down 9.5% year over year, with an adjusted gross profit margin of 39.4%, declining 140 basis points year over year [3] Group 2: Balance Sheet and Cash Flow - The company ended the quarter with cash and cash equivalents of $570.5 million, up from $547.4 million in the previous quarter. Operating cash was $130 million, and capital expenditures were $17.8 million [4] - RHI paid out $54 million in dividends and repurchased shares worth $49 million during the reported period [4] Group 3: Future Guidance - For Q4 2024, RHI expects revenues between $1.34 billion and $1.44 billion, with the midpoint of $1.39 billion below the current Zacks Consensus Estimate of $1.41 billion. EPS is expected to be between 47 cents and 61 cents, with the current consensus at 61 cents [5]