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Jun 30, 2020
ASGN Q2 2020 Earnings Report
Reported solid results with revenues exceeding internal expectations and illustrative scenarios.
Key Takeaways
ASGN Incorporated reported revenues of $936.8 million for Q2 2020, a 3.6% decrease year-over-year. Net income increased by 13.3% to $48.8 million, and free cash flow was $178.8 million, representing 19.1% of revenues. The company's government business remained strong, and they are reinstating guidance based on current trends.
Revenues were $936.8 million, down 3.6% year-over-year.
Net income was $48.8 million ($0.92 per diluted share), up 13.3 percent year-over-year.
Free cash flow was $178.8 million, representing 19.1% of revenues.
Commercial business declines flattened, while government business remained strong.
ASGN
ASGN
ASGN Revenue by Segment
Revenue by Segment
Assignment Revenues Revenue
CapyFin.com Forward Guidance
The Company is providing financial estimates for the third quarter of 2020, which are based on recent operating trends in the business and assume no significant deterioration in the markets ASGN serves.
Positive Outlook
- Recent operating trends show a flattening of weekly revenues from our commercial divisions (Apex and Oxford Segments)
- Continued high growth from our federal government business (ECS Segment).
Challenges Ahead
- Any worsening of the COVID-19 pandemic could affect our results over the remainder of the quarter.
- Estimates do not include any acquisition, integration or strategic planning expenses
- Assumes no significant change in current foreign exchange rates.