Kforce Inc. (NASDAQ:KFRC) Q3 2023 Earnings Conference Call October 30, 2023 5:00 PM ET
Company Participants
Joe Liberatore - President and Chief Executive Officer
David Kelly - Chief Operating Officer and Corporate Secretary
Jeffrey Hackman - Chief Financial Officer and Principal Financial Officer
Conference Call Participants
Mark Marcon - Baird
Trevor Romeo - William Blair
Kartik Mehta - Northcoast Research
Marc Riddick - Sidoti
Josh Chan - UBS
Jack Wilson - Truist Securities
Operator
Good afternoon. My name is Krista and I'll be your conference operator today. At this time, I would like to welcome everyone to the Kforce Third Quarter 2023 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, we will have a question-and-answer session. [Operator Instruction]
I would now like to turn the conference over to Joe Liberatore, Kforce's President and CEO. You may begin your conference.
Joe Liberatore
Good afternoon. This call contains certain statements that are forward-looking. These statements are based upon current assumptions and expectations and are subject to risks and uncertainties.
Actual results may vary materially from the factors listed in Kforce's public filings and other reports and filings with the Securities and Exchange Commission. We cannot undertake any duty to update any forward-looking statements. You can find additional information about our results in our earnings release and our SEC filings. In addition, we have published our prepared remarks within the Investor Relations portion of our website.
The Firm continues to operate effectively against a challenging macro environment. Our laser focus on growing our business organically with a consistent, refined business model tailored to provide highly skilled technology talent solutions to world-class companies has been critical to our success.
Third quarter results were stronger than we anticipated and results in our Technology business continue to be at the top of our peer group. Further to this point, we saw notable improvements in consultant retention in the back half of the third quarter, which contributed significantly to our better-than-expected third quarter performance. We have experienced an improving trend in new assignment starts in October.
Our strategic position is solid, and our prospects are excellent. With that said, tremendous uncertainties still exist in the macro landscape, though the improvements in our results over the last quarter leaves us cautiously optimistic. The prevailing view of economists continues to be that the US economy will fall into a recession in early 2024 following the aggressive monetary tightening by the Federal Reserve.