Robert Half Shares Surge on 3Q Profit Beat, Improved Hiring Activity

Dow Jones10-24

Shares of Robert Half surged after the company reported a higher-than-expected third-quarter profit, boosted by an improvement in hiring activity.

The stock was up 22% to $46.07 in Friday afternoon trading. Shares have risen 70% this year.

The talent solutions and consulting company after the close on Thursday reported a profit of $49.9 million, or 49 cents a share, compared with a profit of $42.9 million, or 43 cents a share, a year earlier.

Revenue ticked up to $1.36 billion from $1.35 billion a year prior.

Analysts polled by FactSet were expecting a profit of 47 cents a share on $1.36 billion of revenue.

Contract talent solutions revenue grew to $758.8 million from $746.2 million, while permanent placement talent solutions revenue reached $116.9 million from $110.1 million. Revenue from the company's Protiviti consulting subsidiary fell to $483.5 million from $498.1 million.

"Hiring activity continues to improve, supported by gradually improving market conditions," Chief Executive Officer M. Keith Waddell said. "Demand for risk and compliance consulting services also showed encouraging signs of improvement during the quarter."

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