Kelly Services Inc. fourth quarter net income tumbles

TROY (AP) -- Shares of Kelly Services Inc. fell last Thursday after the staffing company said its fourth-quarter net income tumbled by more than half and predicted mediocre job growth in the months ahead. Its shares tumbled. Carl Camden, Kelly's president and CEO, said he expects continued tough economic conditions and "mediocre" job growth in the months ahead, but added that skilled workers will continue to be scarce. Kelly earned $8.9 million, or 23 cents per share, for the last three months of 2012, down from $24.1 million, or 64 cents per share, in the same quarter a year ago. The recent quarter's results included asset impairment and restructuring charges, along with a loss on the company's North Asia joint venture. Excluding those items, the company said it posted an adjusted profit of 33 cents per share. Analysts, on average, expected earnings of 32 cents per share, according to FactSet. Revenue fell about 1 percent to $1.38 billion from $1.4 billion. Shares of Troy, Mich.-based Kelly fell $1.62, or 9.3 percent, to $15.71 in afternoon trading, after dropping as low as $15.25 earlier in the day. Over the past 52 weeks, the company's shares have traded between $11.26 and $18.09. Over the past four months, the shares have gained about 38 percent. Published: Mon, Feb 4, 2013