Robert Half Reports Solid First-Quarter Results; FVE Raised to $88

Robert Half will remain as one of the leading global staffing firms in a highly fragmented industry, in our view. The company places skilled professionals in accounting, finance, and IT roles. We think its hold on small to midsize businesses will persist, given its ability to fill open roles quickly and these businesses' willingness to sign exclusive contracts. We believe this will yield greater profitability for Robert Half, despite operating in a highly cyclical industry.