Earnings Beat: TrueBlue, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

A week ago, TrueBlue, Inc. (NYSE:TBI) came out with a strong set of third-quarter numbers that could potentially lead to a re-rate of the stock. It was a solid earnings report, with revenues and statutory earnings per share (EPS) both coming in strong. Revenues were 11% higher than the analysts had forecast, at US$521m, while EPS were US$0.28 beating analyst models by 250%. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we collected the latest post-earnings statutory consensus estimates to see what could be in store for next year.

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After the latest results, the two analysts covering TrueBlue are now predicting revenues of US$1.91b in 2027. If met, this would reflect a modest 7.5% improvement in revenue compared to the last 12 months. TrueBlue is also expected to turn profitable, with statutory earnings of US$0.81 per share. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$1.81b and earnings per share (EPS) of US$0.80 in 2027. There doesn’t appear to have been a major change in sentiment following the results, other than the slight bump in revenue estimates.

View our latest analysis for TrueBlue

Even though revenue forecasts increased, there was no change to the consensus price target of US$9.75, suggesting the analysts are focused on earnings as the driver of value creation.

These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the TrueBlue’s past performance and to peers in the same industry. For example, we noticed that TrueBlue’s rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 6.0% growth to the end of 2027 on an annualised basis. That is well above its historical decline of 8.2% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenue grow 6.1% per year. So it looks like TrueBlue is expected to grow at about the same rate as the wider industry.

The Bottom Line

The most important thing to take away is that there’s been no major change in sentiment, with the analysts reconfirming that the business is performing in line with their previous earnings per share estimates. There was also an upgrade to revenue estimates, although as we saw earlier, forecast growth is only expected to be about the same as the wider industry. The consensus price target held steady at US$9.75, with the latest estimates not enough to have an impact on their price targets.

With that said, the long-term trajectory of the company’s earnings is a lot more important than next year. We have analyst estimates for TrueBlue going out as far as 2028, and you can see them free on our platform here.

You can also view our analysis of TrueBlue’s balance sheet, and whether we think TrueBlue is carrying too much debt, for free on our platform here.

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