May 8, 2012 / 12:07 PM / 5 years ago

UPDATE 1-CDI Corp's profit beats expectations

* Q1 EPS $0.20 vs est $0.17

* Q1 rev $280.6 mln vs est $269.5 mln

May 8 (Reuters) - Staffing company CDI Corp’s quarterly profit beat market estimates on increased hiring by professional services customers, especially from the oil, gas and chemicals and aerospace industries.

CDI Corp also said it expects revenue to rise by 5 percent to 7 percent for the second quarter, implying revenue between $275.8 million and $281.1 million.

Analysts had been expecting revenue of $277.1 million for the current quarter, according to Thomson Reuters I/B/E/S.

CDI’s professional services staffing segment recorded a revenue of $181.7 million - a 12 percent rise - for the first quarter. Within the segment, revenue from oil, gas and chemicals industry jumped 80 percent to $30.0 million, while business from aerospace and industrial equipment clients rose 37 percent.

Revenue from the company’s franchised recruitment segment also rose 12 percent. Total revenue jumped 9 percent to $280.6 million. Net income attributable to the company rose to $3.8 million, or 20 cents per share, from $694,000, or 4 cents per share, a year earlier.

Analysts had expected earnings of 17 cents per share on revenue of $269.5 million for the quarter ended March 31.

CDI shares, which have gained 80 percent in value since touching a year-low in August, closed at $17.74 on Monday on the New York Stock Exchange.

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