Kelly Services, Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 28, 2014. Revenue for the fourth quarter of 2014 totaled $1.4 billion, a 3% increase (a 6% increase on a constant currency basis) compared to the corresponding quarter of 2013. Earnings from operations for the fourth quarter of 2014 totaled $2.6 million, compared to $9.6 million reported for the fourth quarter of 2013. Excluding the restructuring charges from both years, earnings from operations were $8.8 million in the fourth quarter of 2014, compared to adjusted earnings of $9.9 million last year. Diluted earnings per share in the fourth quarter of 2014 were $0.44 compared to $0.45 per share in the fourth quarter of 2013. Excluding these charges from both years, diluted earnings per share from continuing operations for the fourth quarter of 2014 were $0.54 per share compared to $0.45 per share in 2013. Earnings before taxes were $1.5 million against $9.0 million a year ago. Net earnings were $17.0 million against $17.2 million a year ago.

Revenue for the full year totaled $5.6 billion, a 3% increase (a 4% increase on a constant currency basis) compared to the prior year. Earnings from operations for the full year of 2014 totaled $21.9 million compared to $53.3 million in 2013. Excluding restructuring charges from both years, earnings from operations were $33.9 million in 2014 compared to $56.6 million in 2013. Diluted earnings per share from continuing operations for the full year of 2014 were $0.61 compared to $1.54 per share in 2013. Excluding these charges from both periods, diluted earnings per share from continuing operations for 2014 were $0.81 per share compared to $1.62 per share in 2013. Earnings before taxes were $16.6 million against $48.8 million a year ago. Net earnings were $23.7 million against $58.9 million a year ago. Net cash used in operating activities was $70.0 million against net cash from operating activities of $115.3 million a year ago. Capital expenditures were $21.7 million against $20.0 million a year ago.

For the full year 2015, the company expected constant currency revenue to be up 6% to 8%. Clearly, currency and the overseas economies are a headwind and could trim about 3% off that top line. 2015 annual income tax rate is expected to be in the low 20% range, including work opportunity credits.

For the first quarter of 2015, the company expected constant currency revenue to be up 6% to 7% on a year-over-year basis with nominal currency to be lower than that. The company expected gross profit rate to be slightly down on a year-over-year basis and flat on a sequential basis.