ASGN Inc. (ASGN) Tops Q2 EPS by 30c

ASGN Inc. (NYSE: ASGN) reported Q2 EPS of $1.17, $0.30 better than the analyst estimate of $0.87. Revenue for the quarter came in at $936.8 million versus the consensus estimate of $898.89 million.

“ASGN’s business demonstrated resiliency in the second quarter of 2020,” said ASGN President and Chief Executive Officer, Ted Hanson. “Revenues for the quarter totaled $936.8 million, down 3.6 percent from the second quarter of 2019. These results were better than our internal expectations for the quarter and well ahead of the illustrative scenarios we offered in lieu of financial guidance. Compared to the mid-point of these illustrative scenarios, revenues for Q2 were 4.1 percent higher and Adjusted EBITDA margin was 110 basis points higher. Declines in our commercial business continued through the first half of the quarter, flattened in the second half and have remained stable through the first three weeks of the third quarter. Our government business remained strong throughout the second quarter. Based on current trends, we now believe we have enough visibility into the second-half of the year to reinstate guidance.”

Mr. Hanson continued, “As we look toward the remainder of 2020, we will continue to execute against our current contracts while bidding on new work to drive growth and profitability for our company. Our diverse client base bolstered by the steadiness of government sector work and a growing market share of large commercial accounts provide us further stability. These factors, along with our increasingly IT-centric business model and solid balance sheet, position ASGN for continued growth.”

For earnings history and earnings-related data on ASGN Inc. (ASGN) click here.

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