Loading...
•
Dec 31, 2023
ASGN Q4 2023 Earnings Report
ASGN reported solid results for the fourth quarter, with revenues, gross margin, and Adjusted EBITDA margin at the top-end of, or above, its guidance ranges.
Key Takeaways
ASGN Incorporated reported fourth-quarter revenues of $1.1 billion and net income of $50.3 million. Full-year revenues reached $4.5 billion, with commercial consulting revenues surpassing $1.0 billion. The company repurchased approximately 0.9 million shares of its common stock for $75.4 million during the quarter.
Revenues were $1.1 billion.
Net income was $50.3 million.
Adjusted EBITDA was $121.0 million (11.3 percent of revenues).
Repurchased approximately 0.9 million shares of the Company's common stock for $75.4 million.
ASGN
ASGN
ASGN Revenue by Segment
Revenue by Segment
Commercial Segment Revenue
CapyFin.comFederal Government Segment Revenue
CapyFin.comIT Consulting Revenue
CapyFin.comAssignment Revenues Revenue
CapyFin.com Forward Guidance
The Company's financial estimates for the first quarter of 2024 are based on current operating trends and assume no significant deterioration in the markets ASGN serves.
Positive Outlook
- Revenues are expected to be between $1,032.0 million and $1,052.0 million.
- Net income is projected to be between $37.7 million and $41.3 million.
- Diluted earnings per share are estimated to be between $0.80 and $0.87.
- Adjusted EBITDA is anticipated to be between $104.5 million and $109.5 million.
- Adjusted Net Income per diluted share is expected to be between $1.10 and $1.18.
Challenges Ahead
- SG&A expenses are estimated to be between $205.1 million and $208.4 million.
- Amortization of intangible assets is projected at $15.1 million.
- Gross margin is expected to be between 28.0% and 28.3%.
- Effective tax rate is estimated at 28.0%.
- Lower gross and Adjusted EBITDA margins in the first quarter of the year due to the effects of the payroll tax reset.
Revenue & Expenses
Visualization of income flow from segment revenue to net income