Kelly Services taking restructuring charge of up to $8.5 million as it reduces its work force
Kelly Services Inc. (KELYA) said Thursday it's implementing a workforce reduction plan for an undisclosed number of workers in a move described by CEO Peter Quigley as "difficult but necessary." Kelly Services said it will take a restructuring charge of up to $8.5 million in the third quarter. The moves will yield a "meaningful expansion" in its earnings before interest, taxes, and amortization starting in the second half of 2023 and beyond, the company said. The Troy, Mich.-based staffing company also said more details will come out on Aug. 10 as part of its second-quarter results. Kelly Services stock is up 12.7% in 2023, compared with an 18.9% rise by the S&P 500 .
-Steve Gelsi
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
07-20-23 0744ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
After Earnings, Is Alphabet Stock a Buy, a Sell, or Fairly Valued?
-
When Will the Fed Start Cutting Interest Rates?
-
What’s the Difference Between the CPI and PCE Indexes?
-
Powell Unfazed By Sticky Inflation, but Rate Cuts Are Far Off
-
After Earnings, Is Microsoft Stock a Buy, a Sell, or Fairly Valued?
-
Best- and Worst-Performing Stocks of April 2024
-
Magnificent 7 Stocks Earnings Updates: AI Remains the Focus
-
Small-Cap and Value Stocks Are Undervalued
-
4 Utility Stocks to Play the AI Data Center Boom
-
Albemarle Earnings: We Expect Improved Results In the Rest of Year Following Cyclically Low Profits
-
Novo Nordisk Earnings: Raised Fair Value Estimate Still a Contrast to Market Overenthusiasm
-
After Earnings, Is Verizon Stock a Buy, a Sell, or Fairly Valued?
-
Look Inside Berkshire Hathaway’s Portfolio Before Its Annual Meeting
-
How to Invest Like Warren Buffett
-
Cognizant Earnings: Improved Profitability Buttresses Results as Customer Spending Remains Muted
-
10 Top-Performing Dividend Stocks of the Month