Robert Half Inc. (NYSE:RHI) Q3 2024 Earnings Conference Call October 22, 2024 5:00 PM ET
Company Participants
Keith Waddell - President and Chief Executive Officer
Michael Buckley - Chief Financial Officer
Conference Call Participants
Andrew Steinerman - JPMorgan
Mark Marcon - Robert W. Baird Company
Princy Thomas - Barclays
Trevor Romeo - William Blair
Tobey Sommer - Truist
George Tong - Goldman Sachs
Stephanie Moore - Jefferies
Operator
Hello, and welcome to the Robert Half Third Quarter 2024 Conference Call. Today's conference is being recorded. [Operator Instructions]
Our host for today's call are Mr. Keith Waddell, President and Chief Executive Officer of Robert Half; and Mr. Michael Buckley, Chief Financial Officer.
Mr. Waddell, you may begin.
Keith Waddell
Hello, everyone. We appreciate your time today.
Before we get started, I'd like to remind you that the comments made on today's call contain forward-looking statements, including predictions and estimates about our future performance. These statements represent our current judgment of what the future holds.
However, they're subject to the risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties are described in today's press release and in our most recent 10-K and 10-Q filed with the SEC. We assume no obligation to update the statements made on today's call.
During this presentation, we may mention some non-GAAP financial measures and reference these figures as adjusted. Reconciliations and further explanations of these measures are included in a supplemental schedule to our earnings press release. For your convenience, our prepared remarks for today's call are available in the Investor Center of our website roberthalf.com.
For the third quarter of 2024, company-wide revenues were $1.465 billion, down 6% from last year's third quarter on an as reported basis and down 8% on an as adjusted basis. Net income per share in the third quarter was $0.64 compared to $0.90 in the third quarter one year ago.
Revenues and earnings for the third quarter exceeded our expectations, driven by very strong results from Protiviti, which posted sequential and year-on-year revenue gains.
While client budgets remain constrained and decision cycles extended, business confidence levels are improving, aided by continuing progress on inflation and the beginning of a global rate cutting cycle. This is reflected in our most recent weekly sequential results, which have been stable and consistent for the past 12-weeks to 14-weeks. We continue to be confident, both in our ability to weather the current climate and in our future growth prospects as the macro landscape improves.