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Sep 30, 2023
ASGN Q3 2023 Earnings Report
Reported financial results for the quarter, with revenues in line with guidance and adjusted EBITDA margin exceeding guidance.
Key Takeaways
ASGN Incorporated reported third-quarter results with revenues of $1.12 billion, surpassing the midpoint of their guidance. The adjusted EBITDA margin of 12.3 percent exceeded the top end of their guidance. The company repurchased 1.1 million shares for $91.3 million.
Revenues were $1.12 billion.
Net income was $59.4 million.
Adjusted EBITDA was $137.5 million, representing 12.3 percent of revenues.
Operating cash flows were $147.5 million and Free Cash Flow was $137.7 million.
Revenue by Segment
Forward Guidance
The company's financial estimates for the fourth quarter of 2023 are based on current operating trends and assume no significant deterioration in the markets ASGN serves nor any possible revenue declines associated with a potential government shutdown.
Positive Outlook
- Revenue between $1,042.5 million and $1,062.5 million
- Net income between $46.2 million and $49.1 million
- Diluted earnings per share between $0.97 and $1.03
- Adjusted EBITDA between $115.5 million and $119.5 million
- Adjusted Net Income per diluted share between $1.33 and $1.39
Challenges Ahead
- SG&A expenses between $193.0 million and $197.8 million
- Amortization of intangible assets of $17.9 million
- Gross margin between 28.0% and 28.3%
- Effective tax rate of 28.0%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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