Vancouver-based Barrett Business Services Inc. reported improved net earnings on declining revenues in the third quarter, according to its latest financial report. The quarter ended Sept. 30.
The company reported net income for the third quarter of $18.2 million, up from $17.4 million in the third quarter a year ago. Net income rose to $2.68 per diluted share, up from $2.45 per diluted share in the same quarter a year ago.
Revenues were $273.3 million, down from $273.8 million in the third quarter of 2022. BBSI’s executives attributed the decline to smaller staffing services revenue, a result of lower demand for staffing services and a tight labor market.
The gain in earnings was primarily from the company’s higher gross margin in the third quarter, the executives reported. Gross margin is the revenue leftover after costs are paid.
The stock for BBSI, which trades as BBSI on the Nasdaq, closed at $89.96 per share Wednesday, down from where it closed Tuesday $91.46 per share.
