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VANCOUVER, Wash. - Barrett Business Services, Inc. (NASDAQ: BBSI), a prominent provider of business management solutions with a market capitalization of $1.02 billion, announced today the appointment of Mark S. Finn to its board of directors. Finn's extensive experience in investment management is expected to bring valuable strategic insight to the company, which has maintained a strong financial health score according to InvestingPro analysis.
Finn's career spans over three decades at T. Rowe Price Group, where he managed significant funds, including the company's $35 billion US Value Equity Strategy Fund. Prior to his tenure at T. Rowe Price, he served in assurance services at Price Waterhouse & Co. His financial acumen is further evidenced by his background as a certified public accountant and certified financial analyst.
Tony Meeker, BBSI's chairman of the board, expressed enthusiasm for Finn's addition to the board, citing his potential to guide BBSI through growth and innovation. Finn himself is eager to contribute to BBSI's success and is committed to the company's long-term prosperity.
BBSI, known for its integrated platform that offers a range of services from payroll processing to human resource administration, serves over 8,100 PEO clients across the United States. The company's unique operational approach distinguishes it within the industry.
The information in this article is based on a press release statement.
In other recent news, Barrett Business Services Inc. reported its fourth-quarter 2024 earnings, revealing a mixed financial performance. The company achieved revenue of $304.8 million, surpassing the forecast of $291.86 million. However, earnings per share (EPS) fell slightly short of expectations, coming in at $0.63 compared to the anticipated $0.65. Despite the EPS miss, Barrett's gross billings grew by 10% year-over-year to $2.25 billion, reflecting strong client retention and new client additions. The firm also reported a full-year gross billings increase of 7.9% to $8.3 billion.
Barrett's outlook for 2025 includes an expected increase in gross billings by 7-9% and a projected growth in average worksite employees by 4-6%. The company plans to maintain its gross margin between 2.85% and 3.1%. Additionally, Barrett continues to invest in technology and sales initiatives to support its growth strategy. In terms of analyst activity, there were no recent upgrades or downgrades reported, but the company remains under observation by firms like CJS Securities and Roth Capital Partners. These developments highlight Barrett's ongoing efforts to expand its market presence and product offerings amidst a challenging economic environment.
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