Kforce Expects Fourth Quarter Revenues and Earnings Per Share to Exceed Prior Guidance; Q4 Tech Flex Revenues Grew Nearly 6% Sequentially Per Billing Day; Kforce to Release Its Q4 Results on February 8, 2021
David L Dunkel, Chief Executive Officer, commented, “We worked diligently during the last economic expansion to strategically position Kforce to capitalize on the longer-term secular drivers of demand in technology. We began to see organizations across every industry being confronted with the imperative to invest and rapidly adapt to ever-changing business models, new competitors and the changing engagement preferences of their customers. Our belief is that the secular drivers of demand in the technology staffing and solutions markets have only strengthened as a result of the impact of the pandemic. As to our results for the fourth quarter, our technology business grew nearly 6% sequentially, per billing day, and resumed growth on a year-over-year basis of nearly 1%. Our results in this line of business have continued to significantly outpace the overall market expectation and we will continue to prioritize allocating capital in this business to capture even greater market share. I am very proud of our team’s execution in 2020 to deliver great results to our clients and consultants during a tremendously difficult time.”
Kforce will release fourth quarter results post-market on
Cautionary Note Regarding Forward-Looking Statements
All statements in this press release, other than those of a historical nature, are forward-looking statements including, but not limited to, statements regarding the performance of technology-focused businesses, the secular drivers of technology, the pace of digital transformation, the Firm’s opportunity to continue investing in its future growth, returning capital to its shareholders including the intent and ability to declare and pay quarterly dividends, and the Firm's guidance for the fourth quarter of 2020. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Factors that could cause actual results to differ materially include the following: business conditions, growth rate in temporary staffing and the general economy; competitive factors; risks due to shifts in the market demand; a reduction in the supply of consultants and candidates or the Firm’s ability to attract and retain such individuals; the success of the Firm in attracting and retaining its management team and key operating employees; the impacts (direct and indirect) of COVID-19 on our business, our consultants and employees, and the overall economy; changes in the service mix; ability of the Firm to repurchase shares; the occurrence of unanticipated expenses; the effect of adverse weather conditions; changes in our effective tax rate; changes in government regulations, laws and policies that impact our business and our ability to comply with the same; risk of contract performance, delays or termination or the failure to obtain new assignments or contracts, or funding under contracts; changes in client demand and our ability to adapt to such changes; our ability to continue to perform under the government-sponsored COVID-19 related initiatives; continued performance of and improvements to our enterprise information systems; impacts of outstanding litigation or other legal matters, including the risk factors and matters listed from time to time in the Firm’s reports filed with the
Source: Kforce, Inc.