Barrett Business Services Inc. saw its profit increase 61 percent in the fourth quarter and 51 percent for 2018, the Vancouver-based business services company announced Tuesday in its quarterly and year-end earnings report.
The company reported net income of $16.9 million for the quarter that ended Dec. 31, compared to $10.4 million for the same quarter the previous year, and net income of $38.1 million for 2018, compared to $25.1 million in 2017.
“We had another strong quarter, culminating in a year of record earnings that proves the leverage in our business model,” Barrett CEO Mike Elich said in a news release. “While the topline remains softer than historical levels, we feel very good about record gross client additions and our ability to create shareholder value. As we look at 2019, we believe we are well positioned to execute on the foundation we have built.”
The company’s fourth-quarter sales of $237.8 million were 3 percent lower than the previous year’s $244.7 million. For the year, sales of $940.7 million were up 2 percent over the $920.4 million in 2017.
Barrett shares on Tuesday closed at $74.50, down 10 cents, on Nasdaq.
