Kforce Inc. (KFRC) experienced a decrease of 7.48% in the aftermarket because the company announced the fourth quarter and full-year 2021 results. However, the last trading session closed at $68.09 with a decrease of 0.10%.
Fourth Quarter and Full Year 2021 Results by KFRC – What’s up?
KFRC announced fourth-quarter and full-year 2021 results on 7th February 2022. The company experienced revenue of about $410.4 million. Not only this, but technology revenue showed an increase of almost 32%. The FA revenue fall down to 25.5% with a gross profit margin increased to almost 80 points. Furthermore, the general and administrative expenses came out to be 22.9% increasing 170 basis points. Last but not the least, the net income was $20.6 million.
Now what?
The company is quite happy with the success in 2021 and feels that the competitive strategy and momentum into 2022 have properly positioned KFRC to keep producing substantially above-market sales growth. The company has streamlined Kforce’s strategic emphasis to provide domestic technological talent solutions to innovative and industry-leading organizations, accounting for 85 percent of the revenue.
Moreover, this strategic move was daring and disruptive, but it was based on the conviction that technology will be at the heart of nearly every company strategy. Not only this but KFRC feels that they have the right people in place to expand the market share and the company expects that this will continue to be an extremely high-demand environment for the services.
Updates regarding Joseph J. Liberatore and David L. Dunkel
KFRC announced on 6th December 2021 that the company has appointed David L. Dunkel as the CEO of the company whereas Joseph J. Liberatore will be added to the Board of Directors. The entire Board is ecstatic, and this announcement is the conclusion of a meticulously crafted succession planning process. Moreover, David has proved his vision for Kforce and his unrelenting dedication to achieving extraordinary results throughout the course of his more than 40 years as CEO.
On the other hand, Joe’s vision and leadership qualities have been on display for many years, and he guided the firm through the global pandemic while keeping a steady eye on the future. Lastly, Joe will continue to build on his history as he leads Kforce into the future, delivering excellent outcomes for the shareholders.
