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Mar 31, 2023
ASGN Q1 2023 Earnings Report
ASGN's Q1 2023 revenues increased by 3.5% year-over-year, with IT consulting revenues surpassing 50% of total revenues. However, assignment revenues declined more than anticipated, impacting revenues and margins.
Key Takeaways
ASGN Incorporated reported a 3.5% increase in revenue compared to Q1 2022. IT consulting revenues reached 50.4% of total revenues, a significant increase from the previous year. Net income was $49.5 million.
Revenues increased by 3.5% compared to the first quarter of 2022.
IT consulting revenues accounted for 50.4% of total revenues, up from 42.4% in the first quarter of 2022.
Commercial segment consulting revenues increased by 32.7% year-over-year.
The company repurchased 563,200 shares of its common stock for $48.8 million.
Revenue by Segment
Forward Guidance
The Company's financial estimates for the second quarter of 2023, which are set forth below, are based on current operating trends and assume no significant deterioration in the markets ASGN serves.
Positive Outlook
- Revenues between $1,110.0 million and $1,145.0 million
- Net income between $52.8 million and $60.0 million
- Diluted earnings per share between $1.06 and $1.21
- Adjusted EBITDA between $125.0 million and $135.0 million
- Adjusted Net Income per diluted share between $1.41 and $1.56
Historical Earnings Impact
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Avg. Return Before/After Earnings
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