BGSF Inc Reports Second Quarter 2024 Financial Results
BGSF, Inc. Reports Second Quarter 2024 Financial Results
BGSF, Inc. (BGSF), a growing provider of consulting, managed services, and professional workforce solutions, today reported its financial results for the second fiscal quarter ended June 30, 2024.
Financial Performance Overview
Metric | Q2 2024 | Q1 2024 | Consensus Estimates | Interpretation |
---|---|---|---|---|
Total Revenue | $68.1 million | $68.8 million | $74 million | Slight sequential decrease, missing consensus estimates |
Gross Profit | $23.6 million | $23.4 million | Not Provided | Small increase due to higher Property Management sales |
Net Loss | $0.8 million | $0.8 million | Not Provided | Consistent sequentially |
Earnings Per Share (EPS) | $(0.07) | $(0.07) | $0.08 | Below expectations |
Adjusted EBITDA | $2.6 million | $2.7 million | Not Provided | Small decrease |
Adjusted EPS | $0.07 | $0.07 | Not Provided | Unchanged |
Despite a slight decline in total revenue and net loss remaining consistent, the company's gross profit saw a minor increase. The financial performance missed consensus estimates, indicating some challenges in meeting market expectations.
Segment Revenue Breakdown
Segment | Q2 2024 Revenue | Q1 2024 Revenue | Sequential Change | Interpretation |
---|---|---|---|---|
Property Management | Not Specified | Not Specified | +4.8% | Seasonal fluctuations drove growth |
Professional Segment | Not Specified | Not Specified | -4.1% | Project completions outpaced new engagements |
The Property Management segment experienced healthy growth due to seasonal trends, while the Professional segment saw a decline as project completions outpaced new project starts.
Comments from Company Officers
Beth A. Garvey, Chair, President, and CEO, highlighted the company's recent project wins, which are expected to contribute to revenues in the second half of 2024. She noted significant growth in managed services and consulting engagements in the Professional segment and mentioned a major IT transformation project for an international client which will positively impact future financials.
Share Repurchase Programs & Dividends
No specific announcements regarding dividends or share repurchase programs were provided in the report.
Forward Guidance
The company has provided forward-looking statements expressing optimism about the second half of 2024, anticipating strong revenue growth in the Professional division and an increase in permanent placement activity in finance and accounting services.
Stock Price Movement
Following the earnings release, BGSF's stock saw an increase of approximately 4.02%.
This earnings summary provides a detailed overview of BGSF’s financial performance for the second quarter of 2024, highlighting the strengths and weaknesses in its operations and future outlook.
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