Kelly 3Q earnings drop in sluggish economy
TROY, Mich. (AP) — Kelly Services Inc. said Wednesday that its profit and revenue fell in the third quarter because of the sluggish economy and tough job market.
The Troy, Mich.-based company provides recruitment and staffing for businesses.
Net income was $16.6 million, or 43 cents per share, for the quarter that ended Sept. 30. That compares with $19.7 million, or 52 cents per share, a year ago. Revenue fell 4 percent to $1.35 billion.
Analysts polled by FactSet expected 34 cents per share on revenue of $1.38 billion.
Shares fell 60 cents, or 4.2 percent, to $13.71 in afternoon trading amid a broader market sell-off. The stock has traded between $11.26 and $18.09 in the past 52 weeks.