Barrett Business Services Inc. (NASDAQ: BBSI) has announced a successful first-quarter, with revenue rising 3.0% year over year to $254.7 million. Revenue from PEO business surged 6.8%, while the company’s staffing business fell 22.7%. President and CEO Gary Kramer commented on the results, expressing optimism about their value proposition for clients.
The average number of PEO worksite employees increased by 3%, in line with the company’s forecast of between 2% and 4% in the second quarter. However, despite these strong numbers, shares in Barrett fell 7.32% to $76.49 as of 1:18 p.m. Eastern time. With a market cap of $561.3 million, they were still 16.01% above their 52-week low.
Overall, Barrett Business Services Inc. has seen growth in the first quarter and this has resulted in a optimistic outlook for the company and its clients.