Equity analyst Paul Ginocchio sell-rates Robert Half (RHI) on a predicted –23% organic revenue decline for 1q2009.  Here’s their press release:

Our industry contacts suggest January has worsened versus December
Ahead of Robert Half's (Sell rated) 4Q results tomorrow after the
close, we have made a number of calls to our staffing industry
contacts. Based on a handful of conversations, we believe that US YoY
declines in January are worse than December's. Remember that December
was the worst month of 4Q based both on BLS temp volume data (Oct
-13%, Nov -16%, Dec -19%) and Kelly Services' (not covered, $10.34)
conference call comments about intra-quarter revenue trends (US
commercial revs: Oct -13%, Nov -16%, Dec -17%). Our contacts are also
suggesting that they have not yet seen staffing firms go out of
business (but delinquencies to suppliers started to rise in December),
but they expect it in the months to come.

*Temps back to work in Jan. may be 25% worse than staffers expected
The comment we heard that most caught our attention was one executive
stating that his anecdotes suggested that post the holiday break, the
number of temps going back to work in January at client companies was
25% worse than expected by staffing firms. We caution investors that
this is only one data point and this is our first survey of our
contacts, so we are unsure how their comments will correlate with
actual industry trends.


*Continue to be comfortable with our Sell on Robert Half
We are looking for -13% organic revenue declines for RHI in 4QE and
-23% in 1QE. Our 4QE EPS is in-line with consensus at $0.25 but our
1QE EPS is $0.13 versus consensus of $0.15. We think their is downside
to our 1Q EPS estimate.

Tags: Sales, Industry, Deutsche Bank, Paul Ginocchio