Randstad NV (OTCPK:RANJY)

$ 22.53 -0.325 (-1.42%) Market Cap: 7.89 Bil Enterprise Value: 9.35 Bil PE Ratio: 16.85 PB Ratio: 1.79 GF Score: 73/100

Q2 2019 Randstad NV Earnings Call Transcript

Jul 23, 2019 / 07:00AM GMT

Release Date Price: $26.56 (+2.31%)

Transcript

Operator

Hello, and welcome to the Randstad Second Quarter 2019 Results Call. My name is Mahan, and I'll be your coordinator for today's event. (Operator Instructions)

I am now handing you over to your host, Jacques van den Broek, CEO, to begin today's conference. Thank you.

Jacques van den Broek

Randstad N.V. - CEO & Chairman of the Executive Board

Yes. Thank you. Yes, Mahan. Good morning, everybody. Q2 2019, a solid performance in uncertain macroeconomic conditions, so great to take you through it, and I will go immediately to Slide 6 where we see the heading, European conditions challenging and robust gross margin.

So when we analyze the 1.7% negative growth we're seeing, we can attribute directly 1%, so 60% of that, to automotive and related industries. This is in Germany. Of course, we saw that in Q2 and Q1 already, but also in the Netherlands and Belgium. I'll shed a little bit more light on that one later on.

Our North American business did quite well at a fairly stable level with great returns. And when I talk about North

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