Kforce Inc. (NYSE:KFRC) Q3 2024 Earnings Call October 28, 2024 5:00 PM ET
Company Participants
Joe Liberatore - President and Chief Executive Officer
Dave Kelly - Chief Operating Officer
Jeff Hackman - Chief Financial Officer
Conference Call Participants
Mark Marcon - Baird
Trevor Romeo - William Blair
Jasper Bibb - Truist Securities
Kartik Mehta - Northcoast Research
Josh Chan - UBS
Marc Riddick - Sidoti
Operator
Well, good day everyone and welcome to the Kforce Q3 2024 Earnings Conference Call. At this time, I would like to hand the call over to Mr. Joe Liberatore. Please go ahead, sir.
Joe Liberatore
Good afternoon and thank you for your time today. This call contains certain statements that are forward-looking that are based upon current assumptions and expectations that 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 SEC. 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 our Investor Relations portion of our website.
Before I summarize our third quarter performance, I’d like to comment on the recent hurricanes that impacted the Tampa Bay area, where our corporate headquarters is located, and more broadly across Florida, North Carolina, and neighboring areas in the Southeast. Hurricanes Helene and Milton had devastating impacts across these areas and impacted our people, their families, our communities, and local businesses. These areas continue to recover and rebuild and many have long roads ahead. Despite these hardships, our teams’ resiliency was on full display and I am simply in awe of the tremendous efforts by our people to balance their personal safety, taking care of their families and being available for their team members while also ensuring the continuity of Kforce’s operations. That being said, the impacts are so much larger than Kforce, and I am pleased to announce that Kforce will be donating $500,000 to charitable organizations in the Tampa Bay area and North Carolina to aid in the broader recovery efforts. We are also organizing a Kforce-wide event dedicated to recovery efforts. We talk about the amazing culture we have at Kforce. Seeing it in action, once again, over the last several weeks is truly inspiring.
As for our third quarter performance, revenues exceeded the midpoint of our expectations and earnings per share exceeded the top end of our guidance. Our technology business has largely been stable for the last four quarters and our third quarter performance was no exception. While much has been written about the uncertainty in technology hiring and demand, our internal trends and discussions with our clients continue to indicate to us that the current operating environment is more stable and constructive than it was throughout most of 2023. Our footprint of providing solutions to clients that require higher end skill sets remains in demand versus lower skill set areas where there might be a little more softness. We are seeing demand for technology resources and the desire for our clients to initiate new projects had remained consistent throughout 2024. Clients, broadly speaking, have continued to exercise a degree of caution initiating new technology investments though most critical projects continue to be initiated.