Robert Half (RHI) Q4 2024 earnings summary

Executive summary

• Q4 2024 global revenues were $1.382 billion, down 6% year-over-year as reported, with EPS at $0.53 versus $0.83 last year.

• Full-year 2024 net income was $252 million ($2.44 per share) on revenues of $5.80 billion, compared to $411 million ($3.88 per share) and $6.39 billion in 2023.

• Protiviti achieved year-over-year revenue growth for the second consecutive quarter, while contract revenues remained stable for 23 weeks prior to the holidays.

• Recognized by Fortune as one of the World’s Most Admired Companies for the 28th consecutive year.

• Cash flow from operations was $155 million; $54 million was paid in dividends and $77 million used for share repurchases.

Financial highlights

• Q4 2024 gross margin was $536.1 million (38.8% of revenue), down from $584.2 million (39.7%) in Q4 2023.

• U.S. talent solutions revenues were $686 million (down 11% YoY); non-U.S. talent solutions revenues were $208 million (down 14% YoY).

• Contract Talent Solutions bill rates increased 3.4% YoY.

• Protiviti gross margin was 24.9% (up from 23.9% YoY).

• Operating income was $65 million; combined segment income (adjusted) was $71 million with a 5.1% margin.

Outlook and guidance

• Q1 2025 revenue guidance: $1.35–$1.45 billion; EPS: $0.31–$0.41.

• At midpoint, Q1 revenues expected to be 3% lower YoY (as adjusted).

• Talent Solutions revenue expected down 7–10% YoY; Protiviti up 8–10% YoY.

• Overall segment income margin guidance: 2–5%.

• Management expressed optimism for 2025, citing a significant rise in U.S. business confidence post-elections.