Barrett Business Services ( (BBSI) ) has released its Q4 earnings. Here is a breakdown of the information Barrett Business Services presented to its investors.
Barrett Business Services, Inc. (BBSI) is a prominent provider of business management solutions, specializing in human resource outsourcing and professional management consulting, serving over 8,100 clients across all 50 states. In its latest earnings report, BBSI announced a robust financial performance for the fourth quarter and full year of 2024, with significant growth in revenues and net income. The company reported a 10% increase in fourth-quarter revenues to $304.8 million and a 15% rise in net income to $16.8 million, driven by a strong year-end selling season and high client retention. For the full year 2024, BBSI achieved a 7% increase in revenues to $1.14 billion and a 5% rise in net income to $53.0 million. The growth was fueled by an increase in professional employer services and higher average billings per worksite employee. Looking ahead, BBSI anticipates continued growth in 2025, with expectations of 7% to 9% growth in gross billings and an increase in the average number of worksite employees by 4% to 6%.