HIREQUEST Reports Second Quarter Earnings for FY2023
August 21, 2023
🌥️Earnings Overview
HIREQUEST ($NASDAQ:HQI) recently released their earnings results for the second quarter of FY2023, ending on June 30 2023. The total revenue for this period was reported to be USD 9.0 million, a 3.2% decrease compared to the same quarter in FY2022. Net income, meanwhile, decreased by 58.9%, amounting to USD 2.0 million.
Share Price
The stock opened at $24.6 and closed at $24.4, representing a 1.6% decrease from its last closing price of 24.8. This decline in share price reflects a decrease in net income for the period when compared to the same period in the previous year. The company attributed these declines to reduced consumer spending due to the ongoing pandemic, as well as higher costs associated with expanding its workforce. HIREQUEST‘s CEO expressed optimism for the future, citing recent investments in technology and infrastructure that will improve customer service and reduce costs. The company also plans to increase its focus on digital marketing and technology-driven customer solutions in order to better compete with its rivals. Overall, HIREQUEST’s second quarter earnings were lower than expected, as the company continues to recover from the impacts of the pandemic.
However, the company’s commitment to invest in technology and improve customer service gives investors confidence that it is well-positioned to capitalize on growth opportunities in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Hirequest. HIREQUEST_Reports_Second_Quarter_Earnings_for_FY2023″>More…
| Total Revenues | Net Income | Net Margin |
| 34.76 | 11.6 | 31.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Hirequest. HIREQUEST_Reports_Second_Quarter_Earnings_for_FY2023″>More…
| Operations | Investing | Financing |
| 7.57 | -13.38 | 6.76 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Hirequest. HIREQUEST_Reports_Second_Quarter_Earnings_for_FY2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 107.81 | 45.76 | 4.46 |
Key Ratios Snapshot
Some of the financial key ratios for Hirequest are shown below. HIREQUEST_Reports_Second_Quarter_Earnings_for_FY2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 24.9% | 43.8% | 40.6% |
| FCF Margin | ROE | ROA |
| 18.6% | 14.4% | 8.2% |
Analysis
GoodWhale has taken an in-depth look at HIREQUEST’s financials and performance. As reflected in the Star Chart, HIREQUEST boasts an impressive health score of 9/10 with regards to its cashflows and debt; this means it is well-positioned to ride out any crisis without the risk of bankruptcy. Our analysis has also revealed that HIREQUEST is a ‘gorilla’ type of company; that is, it has achieved stable and high revenue or income growth due to its strong competitive advantage. Given these impressive performance metrics, investors who are looking for a reliable and profitable investment in the long run are likely to be interested in such a company. Moreover, HIREQUEST’s profitability is strong while its asset, dividend, and growth metrics are medium. This makes it an attractive option for both short term and long term investors alike. More…
Peers
The company operates in the United States, Canada, and Puerto Rico. HireQuest Inc is a publicly traded company on the NASDAQ stock exchange under the ticker symbol HIRQ. The company’s main competitors are Labor Smart Inc, Automatic Data Processing Inc, First Rate Staffing Corp.
– Labor Smart Inc ($OTCPK:LTNC)
Labor Smart Inc is a holding company that provides temporary staffing solutions in the United States. Its solutions include temporary staffing, on-site staffing, and direct hire placement. The company operates through three segments: North American Staffing, International Staffing, and Healthcare Staffing. The North American Staffing segment offers staffing solutions in the United States and Canada. The International Staffing segment provides staffing solutions in Europe and Asia. The Healthcare Staffing segment offers staffing solutions to healthcare facilities in the United States.
– Automatic Data Processing Inc ($NASDAQ:ADP)
ADP is a comprehensive global provider of cloud-based human capital management solutions. They serve approximately 620,000 clients of all sizes in more than 125 countries around the world. ADP’s products and services include payroll, talent management, time and attendance, benefits administration, and more.
– First Rate Staffing Corp ($OTCPK:FRSI)
First Rate Staffing Corp is a staffing company that provides temporary, permanent, and contract staffing solutions. The company was founded in 2006 and is headquartered in New York, New York. First Rate Staffing Corp has a market cap of 5.62M as of 2022, a Return on Equity of 75.03%. The company operates in the United States, Canada, Europe, and Asia Pacific. First Rate Staffing Corp offers staffing solutions in the areas of accounting and finance, administrative and office support, customer service and support, human resources, IT and computer science, marketing and sales, and supply chain and logistics.
Summary
HIREQUEST provided a negative earnings report for its second quarter of FY2023, with total revenue decreasing by 3.2% from the prior year and net income dropping by 58.9%. This marks a concerning trend for investors, as HIREQUEST has seen consecutive quarters of declining performance. As such, investors should do extensive research on HIREQUEST before making any decisions about investing in the company. Furthermore, they should pay close attention to changes in the company’s financials over the coming quarters to get a better sense of HIREQUEST’s long-term projections.
