Robert Half International Inc. (RHI: 25.67 0.00 0.00%), a leading global staffing and risk consulting services provider, has reported solid second quarter 2010 results.Robert Half registered net income of $12.2 million or 8 cent a share in the quarter, compared with $5.4 million or 3 cents a share in the earlier year quarter. Earnings per share were in line with the Zacks Consensus Estimate. The year-over-year result benefited from improvement technology staffing, OfficeTeam and Protiviti divisions.
For the next quarter, the company forecasts earnings of 9−14 cents a share. The current Zacks Consensus Estimate of 13 cents remains at the high end of the guidance range.
During the quarter, Robert Half’s total revenue advanced 2.5% to $769.1 million, compared with $749.9 million in year-ago period. The company projects revenues of $770 million−$820 million for the third quarter 2010.
Operating income jumped to $22.3 million in the quarter from $10.0 million in second quarter of 2009.
Revenue at Accountemps and Robert Half Management Resources division decreased to $294.5 million and $93.1 million in the quarter, respectively, compared with $310.9 million and $94.5 million in the prior-year quarter. Revenue at OfficeTeam, Robert Half Technology, Robert Half Finance & Accounting and Protiviti division grew to $150.4 million, $81.8 million, $56.1 million and $93.2 million in the quarter, respectively, compared with $135.7 million, $75.3 million, $43.5 million, and $90.0 million in the prior year quarter.
Financial Update
At quarter end, Robert Half had cash and cash equivalents of $290.0 million compared with $385.8 million in the year-earlier quarter. The company spent $6.1 million in the quarter. The company repurchased shares worth $2.5 million in the quarter.
| Overall Summary: |  40%, Bullish 60%, Bearish | Trade Quality: | Upside 30%, Poor Downside 80%, V. Good |
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