Volt Information Sciences, Inc. (NYSEAMERICAN:VOLT) Posts Strong Results

Free $100 Forex No-Deposit Bonus

Volt Information Sciences, Inc. (NYSEAMERICAN:VOLT) stock rose 5.54% (As on Jan 13, 10:59:23 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 21. North American Staffing revenue was $190.9 million, as compared to $178.6 million in the prior-year quarter. Revenue for this segment increased 6.9 percent year over year. The increase is primarily attributable to business wins in a combination of retail and mid-market clients, combined with the expansion of business within existing clients. International Staffing revenue was $26.8 million, compared to $23.0 million in the prior-year quarter. Adjusted Revenue increased 13.9 percent year over year due to the expansion of business with existing clients in France and Belgium, as well as increased direct hire business in the U.K. and Singapore. North American MSP revenue was $10.0 million, compared to $9.4 million in the prior-year quarter. The increase is primarily attributable to increased demand in its payroll service business. Gross margin was 16.8 percent of revenue, a 60 basis-point increase from the prior-year quarter. The increase is primarily attributable to improved margins and higher direct hire revenue in the North American and International Staffing segments.

Moreover, during Q4 2021, the direct hire business continued to outpace past performance. For the quarter, the company was up 95.1% from the prior year and up 31.4% compared to Q4 ’19, which included an additional week. VOLT ended the fiscal year with $71.4 million in cash and equivalents and an additional $8.7 million in restricted cash and short-term investments, a combined increase of $20.8 million compared to the prior year.

VOLT in the fourth quarter of FY 21 has reported the adjusted earnings per share of 11 cents, beating the analysts’ estimates for the adjusted earnings per share of 7 cents, according to the Zacks Consensus Estimate. The company had reported the adjusted revenue growth of 7.7 percent to $227.81 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $211.07 million. Adjusted EBITDA, which is a Non-GAAP measure, was $6.2 million for the fourth quarter of fiscal 2021, compared to $5.9 million in the prior-year quarter. SG&A expense was $34.7 million or 15.2% of revenue, a $4.0 million increase from the prior-year quarter. The increase was primarily attributable to incentives on higher sales volume, as well as higher labor and medical expenses. Adjusted operating income, excluding impairment and restructuring charges, was $8.1 million in fiscal 2021 compared to an operating loss of $9.8 million in fiscal 2020.

Copyright © 2022. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.