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Professional Services Industry Update Summer 2024

Read more about M&A activity and trends in this sector 

Professional Services Industry Update Summer 2024

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Sector Spotlight: HR Staffing & Professional Services M&A Sentiment

Recent M&A Commentary

 

CompanyEarnings DateM&A SentimentManagement M&A Commentary

Kelly Services

August 8

Active
  • Management continues to pursue high-margin and high-growth M&A opportunities across science, engineering, technology, and education sectors

AMN

Healthcare

August 8

Pause
  • Making investments in enterprise technology and pursuing organic growth opportunities remains management’s priority

TrueBlue

August 5

Pause

  • Has prioritized organic growth through growing the company’s digital transformation service offerings and expanding into select end markets
Kforce
July 29
Opportunistic
  • With the benefit of continued robust financial performance, Kforce continues to focus on organic growth opportunities
  • Management threshold for prospective M&A opportunities remains high

ASGN

July 24

Opportunistic

  • With ample dry powder, management will seek to selectively capitalize on strengthening M&A markets

Robert Half

July 24

Pause

  • Management has prioritized organic growth initiatives

Resources Connection*

July 18
Active
  • Management has identified M&A as a key initiative to drive long-term growth

Manpower Group

July 18

Pause

  • Management continues to pursue organic growth initiatives that enhance the company's digitization service offerings

Korn Ferry*

June 13

Pause

  • Management has prioritized organic growth initiatives

HR Staffing & Professional Services: Indexed Stock Performance

Recently reported HR Staffing & Professional Services businesses experienced mixed performance on an earning per share (EPS) and revenue per Q2 2024 / Q4 2024
HR Staffing & Professional Services Co.Consensus EstimateActual Results% Difference
EPS(1)RevenueEPS(1)RevenueEPS(1)Revenue

Manpower Group

$1.27

$4,515

$1.30

$4,521

2.4%

0.1%

Robert Half

$0.70

$1,495

$0.66

$1,473

(5.7%)

(1.5%)

Kelly Services

$0.54

$1,044

$0.71

$1,058

31.5%

1.3%

ASGN

$1.33

$1,047

$1.36

$1,035

2.3%

(1.1%)

AMN Healthcare

$0.78

$740

$0.36

$741

(53.8%)

0.1%

Korn Ferry*

$1.12

$687

$1.26

$691

12.5%

0.6%

TrueBlue

($0.02)

$414

($0.35)

$396

NM

(4.3%)

Kforce

$0.73

$356

$0.75

$356

2.7%

0.0%

Resources Connection*

($0.01)

$141

$0.31

$148

NM

5.0%

Footnotes:

Source: Market statistics sourced from Capital IQ and based on 7/31/2024. All figures in USD and in millions, where applicable, converted at rates as of 7/31/2024
(1)Normalized EPS that excludes the effects of exceptional items to standardize the metric across the peer group
(2)Select HR Staffing & Professional Services companies include those defined in the table above
*: Resources Connection and Korn Ferry reported Q4 2024 Earnings

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Professional Services Industry Update Summer 2024

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